CIPC does not record the allotment of shares under the new Companies Act. The company has to keep these records in the securities register.
37 (9) A person—
(a) acquires the rights associated with any particular securities of a company—
(i) when that person’s name is entered in the company’s certificated securities register;
37 (9)
(b) ceases to have the rights associated with any particular securities of a company—
(i) when the transfer to another person, re-acquisition by the company, or surrender to the company has been entered in the company’s certificated securities register;
40 (4) Subject to subsections (5) to (7), when a company has received the consideration approved by its board for the issuance of any shares—
(a) those shares are fully paid; and
(b) the company must issue those shares and cause the name of the holder to be entered on the company’s securities register in accordance with Part E of this Chapter.
You Require:
If the board of directors does not have the power to issue securities, a special resolution by shareholders to delegate authority to the board of directors
Board resolution to allot and issue the securities
