PART IVAllotment of Shares and Debentures
General provisions as to allotment
88Return as to allotments, etc.
1
This section applies to a company limited by shares and to a company limited by guarantee and having a share capital.
2
When such a company makes an allotment of its shares, the company shall within one month thereafter deliver to the registrar of companies for registration—
a
a return of the allotments (in the prescribed form) stating the number and nominal amount of the shares comprised in the allotment, the names and addresses of the allottees, and the amount (if any) paid or due and payable on each share, whether on account of the nominal value of the share or by way of premium ; and
b
in the case of shares allotted as fully or partly paid up otherwise than in cash—
i
a contract in writing constituting the title of the allottee to the allotment together with any contract of sale, or for services or other consideration in respect of which that allotment was made (such contracts being duly stamped), and
ii
a return stating the number and nominal amount of shares so allotted, the extent to which they are to be treated as paid up, and the consideration for which they have been allotted.
3
Where such a contract as above mentioned is not reduced to writing, the company shall within one month after the allotment deliver to the registrar of companies for registration the prescribed particulars of the contract stamped with the same stamp duty as would have been payable if the contract had been reduced to writing.
4
Those particulars are deemed an instrument within the meaning of the [54 & 55 Vict c. 39.] Stamp Act 1891; and the registrar may. as a condition of filing the particulars, require that the duty payable on them be adjudicated under section 12 of that Act.
5
If default is made in complying with this section, every officer of the company who is in default is liable to a fine and, for continued contravention, to a daily default fine, but subject as follows.
6
In the case of default in delivering to the registrar within one month after the allotment any document required by this section to be delivered, the company, or any officer liable for the default, may apply to the court for relief; and the court, if satisfied that the omission to deliver the document was accidental or due to inadvertence, or that it is just and equitable to grant relief, may make an order extending the time for the delivery of the document for such period as the court thinks proper.