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Section 14 of The Companies Act No. 17 of 2015: Statement of capital and initial shareholdings

    

(1) If the company is to have a share capital, the applicants for registration shall
ensure that the requisite statement of capital and initial shareholding comply with
subsections (2) and (3).
(2) The statement of capital and initial shareholding complies with this
subsection if it states—
(a) the total number of shares of the company to be taken on formation
by the subscribers to the memorandum of association;;
(b) the aggregate nominal value of those shares;
(c) for each class of shares—
(i) the particulars of the rights attached to the shares prescribed
by the regulations for the purposes of this subsection;
(ii) the total number of shares of that class; and
(iii) the aggregate nominal value of shares of that class; and
(d) the amount to be paid up and the amount (if any) to be unpaid on each
share, whether on account of the nominal value of the share or in the
form of a premium.
(3) The statement of capital and initial shareholding complies with this
subsection if it—
(a) contains such information as may be prescribed for the purpose of
identifying the subscribers to the memorandum of association; and
(b) states, with respect to each subscriber to the memorandum—
(i) the number, nominal value of each share and class of shares
to be taken by the subscriber on formation; and
(ii) the amount to be paid up and the amount, if any to be unpaid
on each share, whether on account of the nominal value of the
share or in the form of a premium.
(4) If a subscriber to the memorandum of association is to take shares of more
than one class, the information required under subsection (3)(b)(i) is required for
each class.

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