Management and Investment Companies Act 1983
38Share capital
Start here
Get a plain-English read of 38
Turn the raw legal text into a practical explanation grounded in Management and Investment Companies Act 1983.
38 Share capital
(1) The Board may from time to time, by notice in writing served on each licensee, invite each licensee to lodge with the Board, not later than the date specified in the notice, an application for an increase in the approved capital of the licensee. (2) On application by a licensee under subsection (1), the Board may, if it thinks fit after considering all applications under that subsection and, if any applications under subsection 20(1) are pending, those applications, increase the amount of the approved capital specified in the licence under subsection 21(1), or last specified in the licence under this section, as the case may be, by specifying in the licence a greater amount as approved capital of the licensee for the purposes of this Act. (3) A licensee shall not reduce its authorised share capital below $5,000,000 or the amount, if any, prescribed for the purposes of subsection 20(3) or, if the approved capital of the licensee exceeds $5,000,000 or that other amount, as the case may be, below the approved capital. (4) A licensee shall inform the Board in writing forthwith after calling up any share capital of the licensee.