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of <h1>Issuing Fully Paid-Up Shares as Gifts or Bonuses is Ultra Vires and Invalid Under Company Law.</h1> A company limited by shares cannot legally issue fully paid-up shares as a gift or bonus to shareholders, even if a bona fide contract exists and is registered under the Act. If shares are issued without monetary consideration, the allotment is ultra vires. Therefore, issuing fully paid-up shares as a donation to a charitable trust is not legally valid.
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