Power to issue
shares at a
discount.

592

SECRETARIAL PRACTICE
(5) Where new shares have been issued in pursuance of the
last foregoing subsection, the capital redemption reserve fund may,
notwithstanding anything in this section, be applied by the company,
up to an amount equal to the nominal amount of the shares so
issued, in paying up unissued shares of the company to be issued to
members of the company as fully paid bonus shares.

47.—(1) Subject as provided in this section, it shall be lawful
for a company to issue at a discount shares in the company of a
class already issued:

Provided that—

(a) the issue of the shares at a discount must be authorised
by resolution passed in general meeting of the company,
and must be sanctioned by the court;
the resolution must specify the maximum rate of discount
at which the shares are to be issued;
not less than one year must at the date of the issue have
elapsed since the date on which the company was entitled
to commence business;
the shares to be issued at a discount must be issued
within one month after the date on which the issue is
sanctioned by the court or within such extended time
as the court may allow.

(2) Where a company has passed a resolution authorising the
issue of shares at a discount, it may apply to the court for an order
sanctioning the issue, and on any such application the court, if,
having regard to all the circumstances of the case, it thinks proper
so to do, may make an order sanctioning the issue on such terms
and conditions as it thinks fit.

(3) Every prospectus relating to the issue of the shares and
every balance sheet issued by the company subsequently to the
issue of the shares must contain particulars of the discount allowed
on the issue of the shares or of so much of that discount as has not
been written off at the date of the issue of the document in question.

If default is made in complying with this subsection, the
company and every officer of the company who is in default shall
be liable to a default fine.

(d)

Miscellaneous Provisions as to Shave Capital.
Power of com 48. A company, if so authorised by its articles, may do any one
pany to armange or more of the following things—
erent
on ng (1) Make arrangements on the issue of shares for a difference
‘ between the shareholders in the amounts and times of

payment of calls on their shares:
Accept from any member the whole or a part of the amount
remaining unpaid on any shares held by him, although
no part of that amount has been called up:
Pay dividend in proportion to the amount paid up on
each share where a larger amount is paid up on some shares
than on others.