Version Superseded: 06/04/2008
Point in time view as at 26/05/2000. This version of this provision has been superseded.
There are currently no known outstanding effects for the Companies Act 1985, Section 278.
Where immediately before 22nd December 1980 a company was authorised by a provision of its articles to apply its unrealised profits in paying up in full or in part unissued shares to be allotted to members of the company as fully or partly paid bonus shares, that provision continues (subject to any alteration of the articles) as authority for those profits to be so applied after that date.
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