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Card & James' Business Law

Card & James' Business Law (4th edn)

Lee Roach
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date: 30 March 2023

p. 57621. Shares and capital maintenancelocked

p. 57621. Shares and capital maintenancelocked

  • Lee RoachLee RoachSenior Lecturer in Law, University of Portsmouth


This chapter examines the nature of shares and the share capital of companies, and the provisions for the maintenance of capital as they apply to companies with a share capital. It begins by defining what a share is before moving on to discuss the classifications of share capital. The process by which shares are created is examined in detail, including an examination of the allotment and issuing of shares, the minimum capital requirement, and the company’s ability to issue different classes of share. The chapter then discusses the capital maintenance regime—a series of rules designed to protect the company’s creditors by preventing capital from being returned to shareholders (including the restructuring of share capital, and the rules relating to distribution of profits).

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