SGS 8 - equity finance

Question 1

On the allotment of shares, what must you do asap but at least within two months?

Answer 1

s554(1) register the allotment of shares

Question 2

On the allotment of shares what must the company have ready for delivery within 2 months?

Answer 2

s769(1) the share certificate - this is a shareholder’s evidence of title as per s768(1)

Question 3

When will a person become the owner of shares allotted to them?

Answer 3

Once they are entered in the register of members s113 - MA 26(4)

Question 4

what does s555(2) and s555(3)(b) say you need to do?

Answer 4

Within one month of allotment, file a return on the shares at CH along with a statement of capital

Question 5

What does s26(1) say you must do?

Answer 5

Where a company has amended its articles, it must file a copy of the amended articles at CH within 15 days of the amendment

Question 6

If the directors are authorised to allot shares because the company has only one class of share, which section do you look at to disapply pre-emption rights?

Answer 6

s569

Question 7

If the directors are generally authorised to allot shares under s551, which section do you need to look at to disapply pre-emption rights?

Answer 7

s570