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Sri Lankan Law Forum » Commercial & Business Law Forum » Consideration for issue of shares

Consideration for issue of shares

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1Consideration for issue of shares Empty Consideration for issue of shares on Tue Sep 10, 2019 10:56 pm

My Lawyer


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Consideration for issue of shares

52. (1) Before issuing any shares, the board shall —
(a) decide the consideration for which the shares
will be issued; and
(b) resolve that in its opinion that consideration is fair and reasonable to the company and to all existing shareholders.
(2) The consideration for which a share is issued may take any form, including cash, promissory notes, future services, property of any kind or other securities of the company.
(3) Upon receipt of the consideration, the company shall within a period of twenty days, make an allotment of the shares.

COMPANIES ACT No . 07 OF 2007

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