Clause 35
New sections 67 and 68
BillNot in forceProvision 35 of 190
Clause 35
The Companies Act is amended by inserting, immediately after section 66, the following sections:“Use of share capital to pay expenses incurred in issue of new shares 67.—
(1)
A company may use its share capital to pay any expenses (including brokerage or commission) incurred directly in the issue of new shares.
(2)
A payment made under subsection (1) shall not be taken as reducing the amount of share capital of the company.Issue of shares for no consideration
68. A company having a share capital may issue shares for which no consideration is payable to the issuing company.”.