COMPANIES ACT - 1963 (ACT 179)

    Section - 40 - No par shares

    (1) All shares created or issued after the commencement of this Code shall be shares of no par value.

    (2) All shares issued prior to the commencement of this Code shall be deemed to be converted into shares of no par value but such conversion shall not affect the rights and liabilities attached to such shares and in particular, but without prejudice to the generality of this provision, such conversion shall not affect,

    (a) any unpaid liability on such shares;

    (b) the rights of the holders thereof in respect of dividends, voting or repayment on winding up or a reduction of capital.