The CIPC is no longer interested in share capital maintenance and it is therefore no longer necessary to produce CM15 ’s as we did under the old act. It is now up to each company to keep proper records of their share capital. i.e in other words to be able to produce the same information as the old CM15 would be able to produce. Before you commence with the allotment of shares ensure that you have set up the share capital classes correctly which you will find under Formation. You will issue or allot shares where a new company is formed under formation. Where a company is raising additional capital and also as part of a share conversion process this may be done under the transaction process.
Before you allot shares, check to see if the directors have the necessary power to allot shares and the resolution required, either a directors or a shareholders resolution.
Remember the companies act talks about securities which includes shares.
