Return as to allotments - allotment of shares , Business Law and Ethics

Return As To Allotments:

Section 54 (1) provides that whenever a company limited by shares or a company limited by guarantee and having a share capital makes any allotment of its shares, the company shall, within sixty days thereafter, then there deliver to the registrar for registration -

i) A return of the allotments (on Form No.213), stating:

                            a)      the number and nominal amount of the shares allotted,

                            b)      the names, addresses and descriptions of the allottees, and

                            c)       the amount, if any, paid or due and payable on each share.

ii)  In the case of shares allotted as fully or partly and paid up otherwise than in cash, hence a contract in writing constituting the title of the allottee to the allotment together with any contract of sale, or for services or other consideration in respect of which that allotment was made, all that contracts being duly stamped, and a return (on Form No.213) stating the number and nominal amount of shares so allotted, the extent to which they are to be treated as paid up, and the consideration for the allotment.

Posted Date: 1/12/2013 3:14:50 AM | Location : United States

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