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COMPANIES CLAUSES ACT 1863 - SECT 17

If ordinary stock or shares be at a premium, new shares or stock to be offered to existing ordinary shareholders.

17. If, at the time of the issue of new shares or new stock, the ordinary
shares or ordinary stock of the company are or is at a premium, then, unless
the company before the issue of the new shares or new stock otherwise
determines, the new shares or new stock then issued shall be of such amount as
will conveniently allow the same to be apportioned among the then holeers of
the ordinary stock and ordinary shares, respectively, in proportion, as nearly
as conveniently may be, to the ordinary shares and ordinary stock held by them
respectively, and shall be offered to them at par in that proportion:
Provided, that it shall not be obligatory on the company so to apportion or
offer any new shares or new stock unless the amount of every new share or
portion of new stock to be so offered would, if so apportioned, be at least
the sum prescribed in the special Act, and, if no sum is prescribed, then at
least ten pounds.

© 1863 Crown Copyright

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