COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 52 Return as to allotments.

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COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 52

Return as to allotments.

52.(1) Whenever a company limited by shares or a company limited by guarantee
and having a share capital makes any allotment of its shares, the company
shall within one month thereafter deliver to the registrar of companies for
registration

(a)a return of the allotments [in the prescribed form], stating the number and
nominal amount of the shares comprised in the allotment, the names and
addresses of the allottees, and the amount, if any, paid or due and payable on
each share [whether on account of the nominal value of the share or by way of
premium]; and

(b)in the case of shares allotted as fully or partly paid up otherwise than in
cash, a contract in writing constituting the title of the allottee to the
allotment together with any contract of sale, or for services or other
consideration in respect of which that allotment was made, such contracts
being duly stamped, and a return stating the number and nominal amount of
shares so allotted, the extent to which they are to be treated as paid up, and
the consideration for which they have been allotted.

(2) Where such a contract as above mentioned is not reduced to writing,
the company shall within one month after the allotment deliver to
the registrar of companies for registration the prescribed particulars of the
contract stamped with the same stamp duty as would have been payable if the
contract had been reduced to writing, and those particulars shall be deemed to
be an instrument within the meaning of the Stamp Act, 1891, and the registrar
may, as a condition of filing the particulars, require that the duty payable
thereon be adjudicated under section twelve of that Act.

(3) Subject to sub-section (4), if default is made in complying with this
section, every officer of the company who is in default shall be liable to a
fine not exceeding fifty pounds for every day during which the default
continues.

(4) In case of default in delivering to the registrar of companies within one
month after the allotment any document required to be delivered by this
section, the company, or any officer liable for the default, may apply to
the court for relief, and the court, if satisfied that the omission to deliver
the document was accidental or due to inadvertence or that it is just and
equitable to grant relief, may make an order extending the time for the
delivery of the document for such period as the court may think proper.

Power to pay certain commissions, and prohibition of payment of all other
commissions, discounts, etc.

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Northern Irish Legislation

COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 52