586 Public companies: shares must be at least one-quarter paid up
586 Public companies: shares must be at least one-quarter paid up
Companies Act 2006 | Legislation

(1)     A public company must not allot a share except as paid up at least as to one-quarter of its nominal value and the whole of any premium on it.

(2)     This does not apply to shares allotted in pursuance of an employees' share scheme.

(3)     If a company allots a share in contravention of this section—

(a)     the share is to be treated as if one-quarter of its nominal value, together with the whole of any premium on it, had been received, and