5/8/2011 Limited by shares Memorandum states maximum number of shares to be issued. Each share has nominal (par)value-a fixed sum. -Note likelihood of abolition of concept of par value for shares:FSTB,Consultation Paper-Share Capital,Capital Maintenance Regime,Statutory Amalgamation Procedure,June 2008. Shares usually paid in full when issued. Shareholder(s)may pay more than nominal value of share,depending on market. 25 Share value If shares not fully paid at issuance, shareholder(s)may be called upon to contribute up to par value-at a later,agreed date,or upon winding up. 26 135/8/2011 13 Limited by shares • Memorandum states maximum number of shares to be issued. • Each share has nominal (par) value - a fixed sum. -Note likelihood of abolition of concept of par value for shares: FSTB, Consultation Paper -Share Capital, Capital Maintenance Regime, Statutory Amalgamation Procedure, June 2008. • Shares usually paid in full when issued. • Shareholder(s) may pay more than nominal value of share, depending on market. 25 Share value • If shares not fully paid at issuance, shareholder(s) may be called upon to contribute up to par value - at a later, agreed date, or upon winding up. 26