When the Company proposes to reduce its capital, it must publish at least once in a local newspaper and send a notice of the particulars of the proposed reduction to all creditors known to the Company, requiring the creditors who have any objection regarding the reduction shall send the objection within thirty days from the date receiving the notice.
If no objection is raised within the period of thirty days, none is deemed to exist.
If objection is raised, the Company cannot proceed with the reduction of its capital unless it has satisfied the claim or given security for it