Section 74 CAMA 2020
Section 74 Companies and Allied Matters Act is about Statement of capital required where company already has share capital. It is under Chapter 2 (Re-registration Of Companies) of PART B (Incorporation of Companies and Incidental Matters) of the Act.
Statement of capital required where company already has share capital
(1) A company which on re-registration under section 71 has already allotted its share capital, shall within 15 days after the re-registration deliver a statement of the share capital to the Commission.
(2) This does not apply if the information which would be included in the statement has already been sent to the Commission in a statement of —
(a) capital and initial shareholdings ; or
(b) capital contained in an annual return.
(3) The statement of capital shall state with respect to the company’s share capital on re-registration—
(a) the total number of shares of the company ;
(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 shares of that class, and
(iii) the aggregate nominal value of shares of that class ; and
(d) the amount paid up and the amount (if any) unpaid on each share (whether on account of the nominal value of the share or by way of premium).
(4) If default is made in complying with this section, the company and each officer of the company are liable to such penalty as the Commission shall prescribe by regulation for every day during which the default continues.
