Cap. 386 Art. 72Minimum share capital.

(1) The authorised share capital of a company shall be -

not less than forty-six thousand and five hundred and eighty-seven euro and forty-seven cents (46,587.47)

subscribed by at least two persons in the case of a public company; or not less than one thousand and one hundred and sixty-four euro and sixty-nine cents (1,164.69) subscribed by at least two persons in the case of a private company.

(2) Where the authorised share capital is equal to the minimum aforesaid, it shall be fully subscribed in the memorandum, and where it exceeds such minimum, at least that minimum shall be subscribed in the memorandum.

(3) In the case of a public company, not less than twenty-five per cent, and in the case of a private company, not less than twenty per cent, of the nominal value of each share taken up shall be paid up on the signing of the memorandum.

(4) The ordinary shares of a company shall not be redeemable, and every company shall at all times have ordinary shares.

(5) Only preference shares which are to be redeemed or are liable to be redeemed by the terms of their issue shall be redeemable, and other shares in a company may not be converted into redeemable shares.