Reduction of Capital Consolidation, and Subdivision of Shares.

48. The Company may from time to time reduce its capital, and may by consolidation or subdivision divide the capital or any part thereof into shares of larger or smaller nominal amount.

49. The Company may cancel any shares which have not been taken or agreed to be taken by any person.

50. The Directors may, with the sanction of a General Meeting, accept from any member, on such terms and condition as shall be agreed, a surrender of his shares or stock or any [unclear: pay] thereof.