Public Service Commission Act, 1997
R 385
Companies Act, 1973 (Act No. 61 of 1973)Chapter V: Share capital, Acquisition by Companies of own Shares, Shares, Allotment and Issue of Shares, Members and Register of Members, Debentures, Transfers, and Restrictions on Offering Shares for SaleShare capital77. Proceeds of issue of shares of no par value to be stated capital |
| 1) | The whole of the proceeds of an issue of shares having no par value shall be paid-up share capital of a company and shall be transferred to an account to be called the "stated capital account" |
| 2) | If shares having no par value are issued by a company for a consideration other than cash, a sum equal to the value of the consideration as determined by the directors shall be transferred to the stated capital account. |
| 3) | The stated capital account may, notwithstanding anything contained in subsection (1) or (2), be applied by a company in writing off- |
| a) | the preliminary expenses of the company; or |
| b) | the expenses of, or the commission paid on, the creation or issue of any such shares. |
