Secretarial practice

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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

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter VI. Prospectus and allotment

Collection:: Economics Books

PROSPECTUS AND ALLOTMENT 53 staff. It need hardly be pointed out that there is need for the greatest accuracy in this work. A Form of Application and Allotment Sheet will be found in Appendix F (Form 11). The board will meet in due course, and, if the minimum Allotment. subscription has been reached, and they have no reason for suspecting that the cheques for application money will not be paid, will proceed to allot. A form of resolution to allot will be found in Chapter XIV. The secretary’s business will then be to dispatch the allot- ment letters and letters of regret. Form No. 12 is a form of Allotment Letter with receipt for allotment money only attached. Form No. 13 is a form of Allotment Letter, with receipts attached both for allotment money and for payment in full. Form No. 14 is an Allotment Letter, constituting an interim certificate, with receipt forms for all subsequent instalments attached. In the absence of any provision to the contrary in the con- ditions of issue of any shares, debentures, or debenture stock, a company must within two months after allotment complete and have ready for delivery the certificates for shares or debenture stock, or the debentures, as the case may be (s. 67). It is sometimes more convenient to postpone the issue of certificates until the shares or stock are fully paid, and it is therefore desirable to make provision accordingly. Without any such provision, interim or provisional certificates must be issued, with receipt forms upon them which are signed by the company’s bank, upon production of the certificate and payment of the instalments as they become due. Form 14 may be used for the purpose. A failure to comply with s. 67 exposes the officers of the company to pecuniary penalties and the Court may limit a time within which the default must be made good [s. 67 (2) (3)]. Letters of allotment are often issued with letters of renuncia- tion attached, thus enabling the original allottee to renounce the shares comprised in the letter of allotment in favour of a third party. Where this course is adopted, a form of accept- ance must also be attached for signature by the third party in whose favour the shares are renounced. Form No. 15 in Appendix F is a letter of allotment with letter of renunciation and form of acceptance attached. Both the letter of allot- ment and letter of renunciation require stamp duty of 6d. The duty chargeable on the letter of renunciation may be denoted by an adhesive stamp cancelled by the person execut- ing the letter of renunciation. See also Forms 38 and 39. If the allotment is renounced the original allottee will never appear on the register, the first name entered on the register

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