• Shares

    • 501. Shares and the nature of shares

      (1) In these Regulations "share", in relation to a company, means a share in the company's share capital.
      (2) The shares or other interest of a member in a company are personal property and are not in the nature of real estate.
      (3) Shares in a limited company have no nominal value.

    • 502. Numbering of shares

      (1) Each share in a company having a share capital must be distinguished by its appropriate number, except in the following circumstances.
      (2) If at any time—
      (a) all the issued shares in a company are fully paid up and rank pari passu for all purposes, or
      (b) all the issued shares of a particular class in a company are fully paid up and rank pari passu for all purposes,
      one of those shares need thereafter have a distinguishing number so long as it remains fully paid up and ranks pari passu for all purposes with all shares of the same class for the time being issued and fully paid up.

    • 503. Transferability of shares

      (1) The shares or other interest of any member in a company are transferable in accordance with the company's articles.
      (2) See Part 20 of these Regulations generally as regards share transfers.

    • 504. Companies having a share capital

      References in these Regulations to a company having a share capital are to a company that has power under its constitution to issue shares.

    • 505. Issued and allotted share capital

      (1) References in these Regulations—
      (a) to "issued share capital" are to shares of a company that have been issued,
      (b) to "allotted share capital" are to shares of a company that have been allotted.
      (2) References in these Regulations to issued or allotted shares, or to issued or allotted share capital, include shares taken on the formation of the company by the initial shareholders.

    • 506. Called-up share capital

      In these Regulations—

      "called-up share capital", in relation to a company, means so much of its share capital as equals the aggregate amount of the calls made on its shares (whether or not those calls have been paid), together with—

      (a) any share capital paid up without being called, and
      (b) any share capital to be paid on a specified future date under the articles, the terms of allotment of the relevant shares or any other arrangements for payment of those shares, and

      "uncalled share capital" is to be construed accordingly.

    • 507. Equity share capital

      In these Regulations "equity share capital", in relation to a company, means its issued share capital excluding any part of that capital that, neither as respects dividends nor as respects capital, carries any right to participate beyond a specified amount in a distribution.