In the case where the company has an accumulated loss and it has already compensated for it under section 119 and the accumulated loss still, however, remains, the company may reduce its capital to the amount less than one-fourth of the total.
The reduction of the par value or number of shares under paragraph one or paragraph two to any amount and by any method may be made upon a resolution passed at the meeting of shareholders by a vote of not less than threefourths of the total number of votes of the shareholders attending the meeting and having the right to vote, provided the company shall apply to register such resolution within fourteen days as from the date on which the meeting passes such resolution.