Prohibition on issue of shares at discount: discounted share issuances are void and attract corporate and officer penalties. A company is prohibited from issuing shares at a discount except as permitted by section 54; any share so issued is void. Contravention attracts ... Summary
Prohibition on issue of shares at discount: discounted share issuances are void and attract corporate and officer penalties.
A company is prohibited from issuing shares at a discount except as permitted by section 54; any share so issued is void. Contravention attracts prescribed corporate fines and penal consequences for every officer in default, including possible imprisonment for a term that may extend to six months and/or a fine.
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