Section 361 of The Companies Act No. 17 of 2015: 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 services for the company or any other person.
(2) If a public company accepts such an undertaking in payment for its shares or any premium on them, the holder of the shares when they or the premium are treated as paid up in whole or in part by the undertaking is liable—
(a) to pay the company in respect of those shares an amount equal to their nominal value, together with the whole of any premium or, if the case so requires, such proportion of that amount as is, treated as paid up by the undertaking; and
(b) to pay interest at the appropriate rate on the amount payable under paragraph (a).
(3) The reference in subsection (2) to the holder of shares includes a person who has an unconditional right—
(a) to be included in the company's register of members in respect of those shares; or
(b) to have a document of transfer of them executed in the person's favour.
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(a) there has been a contravention of a provision of this Division; and
(b) because of that...
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(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—
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(1) For the purpose of this Division, the appropriate rate of interest is—
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(b) if some other rate is fixed under subsection (2), that rate of interest.
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(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 unless—
(a) the consideration for the allotment has...
- Section 369 - Exception to valuation requirement: arrangement with another company
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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—
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- Section 372 - Copy of report to be lodged with Registrar
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(2) In the report, the valuer shall specify—
(a) the consideration to be received by the company, describing the relevant...
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(1) The following conditions are further conditions that are required to be complied with for the purpose of section 374—
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(1) A person who—
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(3) A...
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