Although art. 396 § 5 of Code of Commercial Companies and Partnerships reads that the general meeting decides on use of a spare capital and limits the scope of its discretion only with respect to the capital’s part corresponding to one-third of a share capital, which shall be used solely to cover losses shown in a balance sheet, it is still disputable whether – and to what extent – a spare capital may be utilized to finance particular disbursements for shareholders. What has been so far the most controversial in this context is whether a spare capital created on the basis of agio may serve to finance a payment for cancellation of shares. This paper offers comprehensive analysis of rules regarding disposing of company’s own capitals as well as clarifies the substance of the prohibition of contribution’s reimbursement. The opinion is put forward that it is a general meeting who decides on use of a spare capital who enjoys in this respect a relative freedom, even with regard to financing disbursement for shareholders.