subscription by subscriber to the momerandum
Ranjit Kumar (27 Points)
22 February 2018
what is the time period within which the subscriber to the momerandum make subscripttion to share ?
4 Replies
Savio V Simon
(Student CS)
(219 Points)
Replied 22 February 2018
Immediate before first board meeting
And it should approved on first board meeting
And it should approved on first board meeting
Ranjit Kumar
(27 Points)
Replied 23 February 2018
does it mentioned anywhere in the act. or it just a practical exposure sir.
kripa nair
(CS Final -Asst.company Secretary)
(30 Points)
Replied 23 February 2018
There are no pre-defined timelines to make payment for the subscribedcapital, however, Section 10(2) of the Companies Act 2013envisage that all monies payable by any member to the company under the memorandum or articles shall be a debt due from him to the company and also according to Section 56(4) of Companies Act 2013 provides thatcompany shall issue Share Certificates to the subscribers of Memorandum within 2 (two) months from the date of company incorporation.
Therefore, please ensure that Share subscripttion money is received before issuing Share certificates through proper banking channel.
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