New Clause 47
Company Law Reform Bill [Lords]
1:45 pm
Nominal value of shares
‘(1) Shares in a limited company having a share capital must each have a fixed nominal value.
(2) An allotment of a share that does not have a fixed nominal value is void.
(3) Shares in a limited company having a share capital may be denominated in any currency, and different classes of shares may be denominated in different currencies.
(4) If a company purports to allot shares in contravention of this section, an offence is committed by every officer of the company who is in default.
(5) A person guilty of an offence under this section is liable—
(a) on conviction on indictment, to a fine, and
(b) on summary conviction, to a fine not exceeding the statutory maximum.’. —[Margaret Hodge.]