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The long established rule on the maintenance of share capital is that a company cannot, without the leave of the court or the adoption of a special procedure, return its capital to its shareholders. It follows that a transaction, which amounts to an unauthorized return of capital is ultra vires and cannot be validated by shareholder ratification or approval.(Hoffman j in Aveiling Bardford v Perion Ltd [1989] BCLC 626)
Critically discuss this statement with reference to case law and statutory provisions.

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