Companies Act (Cap. 386), article 104

104. (1) Where the net assets of a public company are half or less of its called-up issued sha re capital, the directors shall , not later than thirty days from the earliest day on which that fact is known to any director of the co mpany, duly convene a general 64 CAP. 386.] COMP ANIES meeting of the company by means of a notice to that effect for a date not later than forty days from the date of the notice for the purpose of considering whether any, and if so, what steps shoul d be taken to deal with the situation, including consideration as to whether the company should be dissolved. In this sub-article, "net assets " shall have the same meaning assigned to it under article 193(2). (2) In a meeting convened in pursuance of sub-article (1), only the steps mentioned in the said sub-article may be considered. (3) If a general meeting as required by sub-article (1) is not convened, each of the directors of the company in default shall be liable to a penalty, and, for every day during which the defaul t continues, to a further penalty. Company may not subscribe for its own shares.