Allotment of shares requires board appropriation, minimum subscription compliance and filing of a return with the registrar. Allotment of shares requires appropriation by the board to applicants and a written agreement to become a member; public offers must obtain stock exchange permission and meet the prospectus minimum subscription and application money requirements before allotment. A prescribed return of allotment must be filed with the Registrar within thirty days, officers are liable for defaults, each share must bear a distinct number, share certificates must be sealed and signed in the presence of two directors and the secretary, and duplicate certificates, share warrants for fully paid shares, board resolution calls, and debts for unpaid amounts are governed by specified rules.
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Provisions expressly mentioned in the judgment/order text.
Allotment of shares requires board appropriation, minimum subscription compliance and filing of a return with the registrar.
Allotment of shares requires appropriation by the board to applicants and a written agreement to become a member; public offers must obtain stock exchange permission and meet the prospectus minimum subscription and application money requirements before allotment. A prescribed return of allotment must be filed with the Registrar within thirty days, officers are liable for defaults, each share must bear a distinct number, share certificates must be sealed and signed in the presence of two directors and the secretary, and duplicate certificates, share warrants for fully paid shares, board resolution calls, and debts for unpaid amounts are governed by specified rules.
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