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of <h1>Section 63 rules for issuing bonus shares from reserves and conditions companies must meet before allotment</h1> Section 63 permits a company to issue fully paid-up bonus shares to existing members by capitalising free reserves, securities premium, or capital redemption reserve, but not reserves arising from asset revaluation. Such capitalisation is allowed only if authorised by the articles, approved in a general meeting on the board's recommendation, and the company has not defaulted on fixed deposits, debt securities, or statutory employee dues. Any partly paid shares must be made fully paid before allotment, and prescribed conditions must be met. Bonus shares cannot be issued as a substitute for dividends.
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