COMPANIES ACT - 1963 (ACT 179)

    Section - 66 - Meaning of (Stated Capital)

    (1) The stated capital of a company with shares shall consist of the sum of the following items, that is to say,

    (a) the total proceeds of every issue of shares for cash, including any amounts paid on calls made on shares issued with an unpaid liability, without any deductions for expenses or commissions;

    (b) the total value of the consideration, as stated in the agreement, received for every issue of shares otherwise than for cash;

    (c) the total amount which the company by special resolution shall have resolved to transfer to stated capital from surplus, as defined in section 69 of this Code, including the credit balance on the share deals account referred to in section 63 of this Code:

    Provided that,

    (a) paragraph (a) or (b) of this subsection shall not require the proceeds or value of the consideration received on the re-issue of treasury shares to be added to stated capital; and for this purpose, when a company having treasury shares makes an issue of shares, such issue shall, until the number of treasury shares of that class is exhausted, be deemed to be an issue of those treasury shares and not a first issue of further shares, unless the company shall otherwise determine;

    (b) the amount of the stated capital may be reduced to the extent and in the manner provided by section 67 of this Code.

    (2) Within twenty-eight days after the raising of any stated capital, the company shall deliver to the Registrar for registration particulars in the prescribed form showing the amount so raised and the total stated capital, distinguishing between the amounts thereof attributable to each of the items specified in subsection (1) of this section.

    (3) If there shall be any default in delivering to the Registrar the particulars required under the immediately preceding subsection, the company and every officer of the company who is in default shall be liable to a fine not exceeding five pounds for every day during which the default continues.