Stamp Duties Act, 1968 (Act 77 of 1968)
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 SaleAllotment and issue of shares92. Shares not to be allotted or issued unless fully paid-up |
| 1) | No company shall allot or issue any shares unless the full issue price of or other consideration for such shares has been paid to and received by the company. |
| 2) | Notwithstanding the provisions of subsection (1), a company may allot or agree to allot shares not fully paid-up for the purpose of their being offered for sale to the public as fully paid-up shares: Provided that-- |
| a) | if such offer is not made within one month from the date of such allotment or agreement, such allotment or agreement shall be void; or |
| b) | if such offer to the public is made but not accepted in full within two months from the date of such allotment or agreement to allot, the allotment of, or the agreement to allot, such shares in respect of which the full issue price is not paid within the said period, shall be void. |
