Section 358 of The Companies Act No. 17 of 2015: General rule as to means of payment
Shares allotted by a company, and any premium on them, may be paid up in money or in money's worth (including goodwill and know-how).
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- Section 359 - Meaning of payment in cash
For the purposes of this Act, a share in a company is paid up, as to its nominal value or any premium on it, in cash, or allotted for cash, if the consideration received for the payment or allotment...
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(1) A subscriber to the memorandum of a public company who takes shares of the company as a result of an undertaking given in the memorandum shall pay for the shares, and any premium on the shares, in...
- Section 361 - Public companies: not to accept undertaking for work or services
(1) A public company shall not accept at any time, in payment up of its shares or any premium on them, an undertaking given by a person that the person or another person should work or perform...
- Section 362 - Public companies: shares to be at least one quarter paid up
(1) A public company shall not allot a share except as paid up at least as toone-quarter of its nominal value and the whole of any premium on it.
(2) Subsection (1) does not apply to shares allotted...
- Section 363 - Public companies: payment by long-term undertaking
(1) A public company shall not allot shares as fully or partly paid up as to their nominal value or any premium on them otherwise than in cash if the consideration for the allotment is or includes an...
- Section 364 - Liability of subsequent holders of shares
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(a) there has been a contravention of a provision of this Division; and
(b) because of that...
- Section 365 - Power of the Court to grant relief
(1) This section applies in relation to liability under section 360(2), 362(3) or (4) or 366 as it applies in relation to a contravention of those sections.
(2) A person who—
(a) is subject to any...
- Section 366 - Offences involving contravention of section 358, 363, 364 and 365
If a company contravenes a provision of section 356, 361, 362 or 362, the company, and each officer of the company who is in default, commits an offence and on conviction are each liable to a fine not...
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(1) For the purpose of this Division, the appropriate rate of interest is—
(a) five percent; or
(b) if some other rate is fixed under subsection (2), that rate of interest.
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- Section 369 - Exception to valuation requirement: arrangement with another company
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- Section 370 - Exception to valuation requirement: merger
(1) Section 368 does not apply to the allotment of shares by a company in connection with a proposed merger with another company.
(2) For the purpose of subsection (1), a proposed merger exists when...
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(1) Part XLI applies to the valuation and report required by section 368.
(2) The valuer shall specify in the report—
(a) the nominal value of the shares to be wholly or partly paid for by the...
- Section 372 - Copy of report to be lodged with Registrar
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(1) A public company formed as such shall not enter into an agreement—(a) with a person who is a subscriber to the company's memorandum;
(b) for the transfer by the person to the company or another,...
- Section 374 - Agreement for transfer of non-cash asset: requirement of independent valuation
(1) The following conditions are conditions that are required to be complied with for the purpose of section 373—
(a) that the consideration to be received by the company, and any consideration other...
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(1) Part XLI applies to the valuation and report required by section 374.
(2) In the report, the valuer shall specify—
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- Section 378 - Modification of provisions in relation to company whose conversion into a public company has been registered
Sections 373 to 377 apply with the following modifications in relation to a company whose conversion into a public company has been registered by the Registrar—
(a) the reference in section 373(1)(a)...
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(1) If a public company enters into an agreement in contravention of section373 and either—
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- Section 380 - Liability of subsequent holders of shares
(1) If a person becomes a holder of shares in respect of which—
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- Section 381 - Power of Court to grant relief
(1) A person who—
(a) is liable to a company under a provision of this Division make a payment for shares in the company; or
(b) is liable to a company because of an undertaking given to it in; or...
- Section 382 - Offence to contravene section 368 or 373
If a company contravenes section 368 or 373, the company, and each officer of the company who is in default, commit an offence and on conviction are each liable to a fine not exceeding five hundred...
- Section 383 - Enforceability of undertakings to do work etc
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(b) if some other rate is specified by order made under subsection (2), that other...
- Section 385 - Interpretation: Division 7
In this Division—
“arrangement” includes any agreement or scheme, and in particular includes an arrangement approved in accordance with—
(a) Part XXXIV; or
(b) any provision of laws relating to...
- Section 386 - Company’s share premium account and application of share premiums
(1) If a company issues shares at a premium (whether for cash or otherwise),the company shall—
(a) if it has not already done so, establish an account to be called the share premium account;...
- Section 387 - Relief from requirements as to share premiums: Group reconstruction relief
(1) This section applies if an issuing company that is a wholly-owned subsidiary of a holding company allots shares— (a) to the holding company; or
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- Section 390 - Power to make further provision by regulations for the purposes of this Division
The regulations may prescribe provisions for either or both of the following—
(a) for relieving companies from the requirements of section 386 in relation to premiums other than cash...
- Section 391 - Relief may be reflected in company’s balance sheet
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(1) This section is concerned with the variation of the rights of a class of members of a company that does not have a share capital.
(2) Rights of a class of members may be varied only—
(a) in...
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Neither section 393 nor section 394 affects the powers of the Court under section 78, Part XXIX or XXXIV.
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(2) The holders of not less in the aggregate than fifteen percent of the issued...
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(1) Within fourteen days after the making of an order by the Court on anapplication under section 396 or 397, the company concerned shall lodge a copy of the order with the Registrar for...
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(1) If a company assigns a name or other designation, or a new name or otherdesignation, to any class or description of its shares, it shall, within fourteen days after doing so, lodge with the...
- Section 400 - Notice of particulars of variation of rights attached to shares to be lodged with Registrar
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- Section 401 - Notice of new class of members to be lodged with Registrar
(1) If a company not having a share capital creates a new class of members,the company shall, within fourteen days after the date on which the new class is created, lodge with the Registrar for...
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(1) If a company not having a share capital assigns a name or other designation, or a new name or other designation, to any class of its members, it shall, within fourteen days after doing so, lodge...
- Section 403 - Notice of particulars of variation of class rights
(1) If the rights of any class of members of a company not having a sharecapital are varied, the company shall, within fourteen days after the date on which the variation is made, lodge with the...
- Section 404 - Alteration of share capital of limited company
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- Section 405 - Sub-division or consolidation of shores
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(b) consolidate and divide all or any...
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- Section 407 - Special resolution for reduction of share capital
(1) A limited company that has a share capital may reduce its share capital byspecial resolution.
(2) A special resolution under subsection (1) takes effect as provided by section411(3).
(3) A...
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(2) If the proposed reduction of capital...