A company having a share capital may in general meeting and not otherwise, alter the conditions of its memorandum to—
(a)
consolidate and divide all or any part of its share capital into shares of larger amount than its existing shares ; and
(b)
subdivide its shares or any of them, into shares of smaller amount than is fixed by the memorandum, but in the subdivision the proportion between the amount paid and the amount unpaid on each reduced share shall be the same as it was in the case of the share from which the reduced share is derived.