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SHARE CAPITAL - Coggle Diagram
SHARE CAPITAL
Allotment of Shares
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Section 76 of Companies Act 2016 - Must get prior approval of company and lodged with the registrar.
Power to issue shares
Section 75 (1) of Companies Act 2016 - Unless the prior approval by way of resolution by the company has been obtained, the directors of a company shall not exercise any power to allot shares in the company.
Return of allotment
Section 78 (1) - After allotment, within 14 days must lodge with Registrar a return of allotment
The amount, if any, paid, deemed to be paid, or due and payable on the allotment of each share,
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Where the capital of the company is divided into shares of different classes, the class of shares to which each share comprised in the allotment belongs
The full name and the address of each of the allottees and the number and class of shares allotted to him.
Section 78 (2) – the return of the allotment shall include a statement of capital as at the date of the allotment and shall include:
Transfer of Shares
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Section 106(1) – A company shall enter or cause to be entered the name of the transferee in the register of members as shareholder within thirty days from the receipt of the instrument of transfers under Section 105(1).
Result in the transferee becoming member of the company after the name is entered in the register of members.
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Share Certificate
Section 97(1) – A company shall not be required to issue a share certificate unless an application by a shareholder for a certificate relating to the shareholder’s shares in a company has been received or otherwise provided by its constitution.
Section 98(1) A company shall within 60 days from receipt of an application send a share certificate to the shareholder stating:
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