Section 33Part 3 — Distribution of Capital and Liability of Members
Share or interest in company to be personalty
←→ Navigate · Click subsection badges to collapse · Press ? for help
A share or other interest of a member in a company —
is personal estate and not of the nature of real estate; and
is capable of being transferred if —
a transfer is expressly or impliedly permitted by the regulations of the company; and
any restriction or condition on the transfer of the shares or interest set out in the regulations of the company is observed.
The shar es in a company having a capital divided into shares must each be distinguished by an appropriate number except that if, at any time —
all the issued shares in the company; or
all the issued shares in the company of a particular class, are fully paid up and rank pari passu for all purposes, none of those shares need thereafter have a distinguishing number so long as it remains fully paid up and ranks pari passu for all purposes with all the shares in the company or all the shares of the particular class of shares, as the case may be, for the time being issued and fully paid up.
A company limited by shares, or a company limited by guarantee and having a share capital, if so authorised by its articles, may issue fractions of a share and , unless and to the extent otherwise provided in its articles, a fraction of a share shall be subject to and carry the corresponding fraction of liabilities (whether with respect to nominal or par value, premium, contribution, calls or otherwise howsoever) , limitations, preferences, privileges, qualifications, restrictions, rights and other attributes of a whole share of the same class of shares; and in this Act the expression “ share ” includes a fraction of a share and no issue or purported issue of a fract ion of a share shall be invalid by reason only of the fact that it was issued or purportedly issued prior to the 30th September, 1985.
The nominal or par value of a share may be expressed in an amount which is a fraction or a percentage of the lowest a vailable unit of legal tender of the currency in which the capital of the company is expressed.