Section 37 CAMA 2020
Section 37 Companies and Allied Matters Act is about Statement of capital and initial shareholdings. It is under Chapter 1 (Registration Of Companies) of PART B (INCORPORATION OF COMPANIES AND INCIDENTAL MATTERS) of the Act.
Statement of capital and initial shareholdings
(1) The statement of initial issued share capital and initial shareholdings required to be delivered in the case of a company that has a share capital shall state—
(a) the total number of shares of the company to be taken on formation by the subscribers to the memorandum of association;
(b) the aggregate nominal value of those shares;
(c) for each class of shares—
(i) prescribed particulars of the rights attached to the shares,
(ii) the total number of issued shares of that class, and
(iii) the aggregate nominal value of issued shares of that class ; and
(d) the amount to be paid up and the amount (if any) to be unpaid on each share (whether on account of the nominal value of the share or by way of premium).
(2) The statement of initial issued share capital and initial shareholdings shall—
(a) contain such information as may be prescribed for the purpose of identifying the subscribers to the memorandum of association ; and
(b) with respect to each subscriber to the memorandum—
(i) the number, nominal value (of each share) and class of shares to be taken by him on formation, and
(ii) the amount to be paid up and the amount (if any) to be unpaid on each share (whether on account of the nominal value of the share or by way of premium).
(3) Where a subscriber to the memorandum is to take shares of more than one class, the information required under subsection (2) (b) is required for each class.
(4) The total fees payable to the Commission in connection with the filing or increase of a company’s issued share capital under this Part of this Act shall be as the Minister may by regulation specify.
