Section 41
of International Business Companies Order, 2000
Section 41
(1)
Upon the issue by an IBC of a share with par value, the consideration for the share constitutes –
(a)
capital to the extent of the par value; and
(b)
surplus to the extent of any excess over par value.
Incorporating amendments until S 53/2017
(Clean Vesion) NANI/zimah _ as of 11 February 2020
47
BLUV as at 20th June 2017
(2)
Subject to any relevant modification, upon the issue by an IBC of a share without par value, the consideration for the share constitutes –
(a)
capital to the extent designated by the directors; and
(b)
surplus to the extent of any excess over what is so designated.
(3)
In making a designation for the purposes of subsection (2)(a) in relation to a preference share, the directors must designate as capital an amount which is not less than the preferred amount.
(4)
Upon the disposal by an IBC of a treasury share, the consideration for the share shall be added to surplus.
Dividend of shares.