For more information, please refer to our article on how to reduce the share capital of a company. It is required to file FORM MGT 14 within 30 days by the date of passing the special resolution to the registrar. WebBoard has unanimously approved a proposal for the buyback of 87,66,720 (Eighty Seven Lakh Sixty Six Thousand Seven Hundred Twenty)equity shares of `10 each representing 3.29% of the total number of equity shares in the paid-up share capital of the Company from the shareholders of the Hold a board meeting and pass a board resolution Determine ways to raise the paid-up share capital in a board meeting As mentioned above, the paid-up capital alone is not indicative of the net worth of the company. shareholders resolution which is passed by the shareholders at a general meeting, Template for Notice of Extraordinary General Meeting, Change of Principal Business Activity Template Resolution, Template for Notice of Annual General Meeting, A specific mandate for that particular issuance of shares; or. Charmaine made the whole legal process seamless for me. text-decoration:underline; panose-1:2 4 5 3 5 4 6 3 2 4; a:visited, span.MsoHyperlinkFollowed To raise the funds to expand the Business. For some more sample board resolutions kindly visit the link below: /forum/download-corporate-law-professional-files-70021.asp, /articles/ca-articleship-some-useful-corporate-board-resolutions-ii-5874.asp, /articles/ca-articleship-some-useful-corporate-board-resolutions-i-3911.asp. mso-bidi-font-family:"Times New Roman"; Form 5 - MCA How to Remove a Director from a Company in Singapore, Removal and Resignation of Company Auditor in Singapore, Appointing a Company Secretary: Roles and Responsibilities, Appointing an Authorised Representative for Foreign Companies in Singapore. panose-1:2 4 5 3 5 4 6 3 2 4; {font-family:"Cambria Math"; mso-style-qformat:yes; For example, clause 7(1) of the Model Constitution states: Without prejudice to any special rights previously conferred on the holders of any existing shares or class of shares but subject to the Act, shares in the company may be issued by the directors.. Appointing Company Directors in Singapore: Eligibility, Process etc. mso-fareast-font-family:"Times New Roman";} {mso-style-unhide:no; CA Sanat Pyne But the Private Limited Company carries the restriction to issue shares to the General Public as the Private Limited Company cannot issue shares to more than 200 People. See Terms of Use and Privacy Policy for more information. mso-paper-source:0;} However if there is, on the whole, insufficient money to satisfy liabilities (e.g. Click here to Login / Register. For example, if the loan amount is used to pay dividends to shareholders, instead of for agreed purposes like growing the business. mso-style-qformat:yes; @ font-face Although we try our best to ensure the accuracy of the information on this website, you rely on it at your own risk. Paid-up capital is the amount of money a company has been paid from shareholders in exchange for shares of its stock. After Allotment of Shares issue the Share Certificate to the shareholders within 2 months after allotment. 1. {page:Section1;} This Amount has been referred to in the Capital Clause of the Company MOA (Memorandum of Association).