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Page 65

CHAPTER 8
MEMBERSHIP OF A COMPANY

RESTRICTIONS ON ALLOTMENT
On a first allotment of shares, a company cannot allot any of its share capital offered to the public for subscription unless the minimum subscription has been subscribed and the sum payable on application for it has been received by the company (s. 47 (1)).

The Minimum Subscription (4th Sch., para. 4) is the minimum amount which, in the opinion of the directors, must be raised by the issue of shares to provide for:
1. The purchase price of any property to be defrayed in whole or
in part out of the proceeds of the issue.
2. The preliminary expenses and commission payable to persons
in consideration of subscribing or procuring subscriptions for
shares.
3. The repayment of any money borrowed for any of these
purposes.
4. Working capital.
The minimum subscription does not include any amount payable otherwise than in cash (s. 47 (2)).
If the minimum subscription is not received within 40 days of the first issue of the prospectus, all money received must be forthwith returned to the applicants without interest. If it is not returned within 48 days of the issue of the prospectus, the directors are personally liable to repay it with interest at 5 per cent. A director is not liable, however, if he proves that the default in repayment was not due to any misconduct or negligence on his part.
A sum is, for this purpose, deemed to be received by the company if a cheque has been received in good faith, and the directors have no reason for suspecting that it will not be paid.
Any condition requiring an applicant to waive compliance with any of these requirements is void (s. 47 (5)).

Minimum Percentage Payable on Application.-The amount payable on application on each share must be not less than 5 per cent. of the nominal amount of the share (s. 47 (3)). This applies to all allotments and not only to the first allotment.

No Prospectus Issued on Formation of Company.-If no prospectus is issued on the formation of a company, no allotment of shares or

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where is HTML where is HEAD where is TITLE RESTRICTIONS ON ALLOTMENT On a first allotment of shares, a company cannot allot any of its share capital offered to what is public for subscription unless what is minimum subscription has been subscribed and what is sum payable on application for it has been received by what is company (s. 47 (1)). what is Minimum Subscription (4th Sch., para. 4) is what is minimum amount which, in what is opinion of what is directors, must be raised by what is issue of shares to provide for: 1. what is purchase price of any property to be defrayed in whole or in part out of what is proceeds of what is issue. 2. what is preliminary expenses and commission payable to persons in consideration of subscribing or procuring subscriptions for shares. 3. what is repayment of any money borrowed for any of these purposes. 4. Working capital. what is minimum subscription does not include any amount payable otherwise than in cash (s. 47 (2)). If what is minimum subscription is not received within 40 days of what is first issue of what is prospectus, all money received must be forthwith returned to what is applicants without interest. If it is not returned within 48 days of what is issue of what is prospectus, what is directors are personally liable to repay it with interest at 5 per cent. A director is not liable, however, if he proves that what is default in repayment was not due to any misconduct or negligence on his part. A sum is, for this purpose, deemed to be received by what is company if a cheque has been received in good faith, and what is directors have no reason for suspecting that it will not be paid. Any condition requiring an applicant to waive compliance with any of these requirements is void (s. 47 (5)). Minimum Percentage Payable on Application.-The amount payable on application on each share must be not less than 5 per cent. of what is nominal amount of what is share (s. 47 (3)). This applies to all allotments and not only to what is first allotment. No Prospectus Issued on Formation of Company.-If no prospectus is issued on what is formation of a company, no allotment of shares or where is meta name="keywords" content="old books, Free book , free book offer , free audio books , free coloring book pages , free book reports , free audio book , audio books free download , book free , free guest book , books free , free book summaries , download free audio books , free childrens books." where is where are they now rel="stylesheet" type="text/css" href="../../style.css" where is meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1" where is BODY bgColor=#ffffff text="#000000" where are they now ="#000000" v where are they now ="#FF0000" where is div align="center" where is strong where is strong where is a href="http://www.aaoldbooks.com" Books > where is a href="../default.asp" title="Book" Old Books > where is strong where is a href="default.asp" Poetry Northwest (1959) where is table width="700" border="1" align="center" cellpadding="15" cellspacing="0" where is center where is tr where is td width="160" align="center" valign="top" where is div align="center" where is td align="center" valign="top" where is div align="left" where is div align="center" where is p align="left" Page 65 where is strong CHAPTER 8 MEMBERSHIP OF A COMPANY where is p align="justify" RESTRICTIONS ON ALLOTMENT On a first allotment of shares, a company cannot allot any of its share capital offered to what is public for subscription unless what is minimum subscription has been subscribed and what is sum payable on application for it has been received by what is company (s. 47 (1)). what is Minimum Subscription (4th Sch., para. 4) is what is minimum amount which, in what is opinion of what is directors, must be raised by what is issue of shares to provide for: 1. what is purchase price of any property to be defrayed in whole or in part out of what is proceeds of what is issue. 2. what is preliminary expenses and commission payable to persons in consideration of subscribing or procuring subscriptions for shares. 3. what is repayment of any money borrowed for any of these purposes. 4. Working capital. what is minimum subscription does not include any amount payable otherwise than in cash (s. 47 (2)). If what is minimum subscription is not received within 40 days of what is first issue of what is prospectus, all money received must be forthwith returned to what is applicants without interest. If it is not returned within 48 days of what is issue of what is prospectus, what is directors are personally liable to repay it with interest at 5 per cent. A director is not liable, however, if he proves that what is default in repayment was not due to any misconduct or negligence on his part. A sum is, for this purpose, deemed to be received by what is company if a cheque has been received in good faith, and what is directors have no reason for suspecting that it will not be paid. Any condition requiring an applicant to waive compliance with any of these requirements is void (s. 47 (5)). Minimum Percentage Payable on Application.-The amount payable on application on each share must be not less than 5 per cent. of what is nominal amount of what is share (s. 47 (3)). This applies to all allotments and not only to what is first allotment. No Prospectus Issued on Formation of Company.-If no prospectus is issued on what is formation of a company, no allotment of shares or where is Server.Execute("_SiteMap.asp") %

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