Alteration of share capital 100. A company can increase its authorised share capital by passing an ordinary resolution (unless its articles of association require a special resolution). 102. To increase or to create distributable reserves to enable future dividends to be paid to shareholders; To return surplus capital to shareholders ; To facilitate a share buyback or redemption of shares; As a part of a scheme of arrangement; How to reduce capital. Power for unlimited company to provide reserve share capital on re‐ registration. capital clause of the Memorandum of Association of the Company. 104. The alteration of Capital Clause of memorandum of Assosiation of the Company is purely consequential in accordance with the provisions of Section 16 of the Companies … Nigeria’s insurance sector regulator, the National Insurance Commission (NAICOM), has increased the minimum paid-up share capital of insurance and reinsurance firms. Stamp duty is imposed at the rate of 0.75% on the authorised share capital at incorporation of a company or on registration of new shares. 6.11 Requirements for increase in share capital 16 7 Risk Management 18 7.1 Enterprise Risk Management 18 7.2 Internal Controls 18 7.3 Basic Information on Borrowers 19 7.4 Disclosure of interest by Directors and Officers of Finance Companies 19 8 Supervision and Compliance 20. This blog teaches you how to properly fill out the LLC Set of Forms for the CAC. Increase of paid‐up capital on increase of shares. There are exemptions for transactions between accounts held by the same bank customer and for salary accounts. Issued Capital. Secondly, the powers authorized under the Articles of Association and conferred by the Companies Act are only exercised by the General Meeting. Under Nigerian law, the authority to allot shares is vested in the company which may delegate it to the directors subject to any conditions or directions that may be imposed by the company's articles of association or from time to time by the company in a general meeting. Value of company’s authorised share capital including number of shares and value per share is specified in the capital clause of memorandum of association or MOA while incorporating a company in India.. Out of the authorised share capital, company can issue shares to their subscriber … A copy of the resolution - and notice of the increase on Form 123 - must reach Companies House within 15 days of being passed. The increase of the Authorized Capital of the Company is proposed to enable, at an appropriate time(s) as the Board may hereafter decid the issue of further capital pursuant to proposals to issue shares of the Company. The NIPC Act of 1995 liberalized the ownership structure of business in Nigeria, so that foreign investors can now own and control 100 percent of the shares in any company (as opposed to the earlier arrangement of 40 to 60 percent-40 percent in favor of Nigerians), except in the oil and gas sector where investment is limited to joint ventures or production-sharing agreements. Increase of share capitaleand notic of increase. A capital increase is an increase in the capital of a business or company. AIICO Insurance Plc has gotten the approval of its shareholders to increase its authorised share capital from N18 billion to N20 billion. The capital, or financial capital as it is technically called, is the money invested into a company to allow it to manufacture its goods or products, to provide its services, or to do whatever is needed to make the business operational and allow it to make profit. 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