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.