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2011ACCA公司法与商法F4(双语)讲义:第二十四章

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考试吧整理“2011ACCA公司法与商法F4(双语)讲义:第二十四章”,方便考生备考!

  24 Share capital

  1 Definition

  1.1 "A share is a right to a specified amount of the share capital of a company, carrying with it certain rights and liabilities, while the company is a going concern and in its winding up".

  It "consists of a series of mutual covenants".

  Classification

  1.2 Share capital is a term used in a variety of senses.

  (a) Authorised Share Capital: Total amount of share capital which the company is authorised to issue.

  (b) Issued Share Capital: Nominal value of shares which have been issued to members.

  (c) Called Up Share Capital: Aggregate amount of calls which a member is required to pay.

  (d) Paid Up Share Capital: Aggregate amount of money paid up on shares which have been issued.

  (e) Reserve Capital: Capital which the company has resolved not to call except in the course of winding up. s.120.

  2 Power of company limited by shares to alter its authorised share capital s.121

  Basic objective

  2.1 This section applies only to a company’s authorised capital, not to its issued capital.

  Authorities needed

  2.2 (a) A power in the articles; or

  (b) An ordinary resolution of members in general meeting.

  Filing requirements

  2.3 A copy of the memorandum plus the ordinary resolution must be sent to the Registrar within 15 days.

  Other purposes

  2.4 It is used for increasing, consolidating, sub‑dividing or reducing the amount stated as its authorised capital in the memorandum.

  3 Directors' authority to allot shares (s.80)

  Authorisation

  3.1 (a) The directors of a company may not allot shares unless they are authorised to do so:‑

  (i) By the articles, or

  (ii) By ordinary resolution.

  (b) The authority to allot:

  (i) may be particular/general; conditional/unconditional

  (ii) must state:

  (a) the maximum number of shares which may be allotted.

  (b) the date on which the authority expires.

  (iii) must not be for a period of more than 5 years from:

  (a) the date of incorporation (if authority was in the original articles).

  (b) the date of a resolution giving authority.

  (iv) can be extended beyond 5 years by private companies using an elective resolution

  or

  it may be renewed for further periods of up to 5 years by any company subject to the same restrictions.

  (v) may be revoked or varied at any time by the members in general meeting.

  Contravention of S.80

  3.2 (a) Any director who contravenes or permits/authorises a contravention of s.80 will be liable to a fine.

  (b) This will not affect the validity of any allotment of shares s.80.

  Directors’ duties

  3.3 Although the directors have the authority to allot shares they must remember their fiduciary duties to the company and accordingly:

  (a) They must act in the best interests of the company and issue shares for a proper purpose.

  Howard Smith v. Ampol Petroleum

  (b) They must not allot to prevent a take-over;

  Hogg v. Cramphorn

  Unless sanctioned by a general meeting;

  Bamford v. Bamford  

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