Time to deposit money for shares by director in bank a/c

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

07 June 2011 Dear Sir/Madam,
Could you please let me know that how much time will director get to deposit share money (for subscribing shares in Pvt. co.) in to bank a/c of company after incorporation....

is there any time limit in corporate law?

Thanks....

Jayashree S Iyer

Jayashree S Iyer (Expert)
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08 June 2011 As per subscription clause in the MOA, the subscriber / director undertakes to take specified number of shares. On incorporation, the company can open an account with the Bank and after such account opening he must deposit the money in the Company's Bank Account.

Querist : Anonymous

Querist : Anonymous (Querist)

08 June 2011 Thanks sir,
But I want to know is there any time limit for deposit share money into bank a/c or we can deposit the same any time...

Please guide...

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