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COMPANIES CLAUSES CONSOLIDATION ACT 1845 - SECT 56 

Power to convert loan into capital.

56. It shall be lawful for the company, if they think fit, unless it be
otherwise provided by the special Act, to raise the additional sum so
authorized to be borrowed, or any part thereof, by creating new shares of
the company, instead of borrowing the same, or, having borrowed the same, to
continue at interest only a part of such additional sum, and to raise part
thereof by creating new shares; but no such augmentation of capital as
aforesaid shall take place without the previous authority of a general meeting
of the company.

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© 1845 Crown Copyright

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