Issuing shares at a discount triggers corporate and officer penalties and mandatory refund of subscription monies with interest. Amendment substitutes subsection (3) of section 53 to make the company and every officer in default liable to a penalty capped by reference to the amount raised through the issue of shares at a discount or a specified upper limit, and obliges the company to refund all monies received from the discounted issue with interest from the date of issue to the persons who received those shares.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Issuing shares at a discount triggers corporate and officer penalties and mandatory refund of subscription monies with interest.
Amendment substitutes subsection (3) of section 53 to make the company and every officer in default liable to a penalty capped by reference to the amount raised through the issue of shares at a discount or a specified upper limit, and obliges the company to refund all monies received from the discounted issue with interest from the date of issue to the persons who received those shares.
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