Secretarial practice

Bibliographic data

Monograph

Identifikator:: 1828236004

URN:: urn:nbn:de:zbw-retromon-249926

Document type:: Monograph

Title:: Secretarial practice

Edition:: fourth edition

Place of publication:: Cambridge

Publisher:: W. Heffer & Sons Ltd

Year of publication:: 1930

Scope:: viii, 987 Seiten

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

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.

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