Part IV Allotment of Shares and Debentures

Amount to be paid for shares; the means of payment

100 Prohibition on allotment of shares at a discount.

1

A company’s shares shall not be allotted at a discount.

2

If shares are allotted in contravention of this section, the allottee is liable to pay the company an amount equal to the amount of the discount, with interest at the appropriate rate.