(1) A society may, by special resolution, amend its by-laws to increase or decrease its capital and, for that purpose, may—
(a) subdivide any shares;
(b) consolidate shares into shares of a larger par value, but the par value of consolidated shares must not be greater than $100;
(c) cancel any shares that at the date of registration of the by-laws, have not been subscribed for or agreed to be issued and diminish the amount of its capital by the amount of the par value of the shares so cancelled;
(d) extinguish or reduce the liability on any of its shares with respect to capital not paid up;
(e) with or without extinguishing or reducing liability on any of its shares, cancel any paid up capital that is lost or unrepresented by available assets; and
(f) with or without extinguishing or reducing liability on any of its shares and either with or without reducing the number of such shares, pay off any paid-up capital that is greater than the requirements of the society.
(2) The Registrar may approve a by-law mentioned in subsection (1) where he or she is satisfied that—
(a) the by-law has been made in accordance with this Act;
(b) the holders of all shares of the society affected by the by-law have approved the by-law by a special resolution passed by the members at a general meeting called for the purpose; and
(c) in the case of a by-law providing for a reduction in the capital of the society—
(i) all creditors who are liable to be affected have been notified of the by-law and have signified their approval, or
(ii) appropriate steps have been taken by the society to adequately safeguard the interest of its creditors.