Section 7: Stated capital

7. Stated capital (1) Subject to section 62, “stated capital”, in relation to a class or classes of no par value shares issued by a company, means the total of all amounts received by the company or due and payable to the company in respect of— (a) the issue of the shares; and (b) calls on the shares. (2) Subject to section 62, “stated capital”, in relation to a class or classes of par value shares issued by a company, means the total of all amounts received by the company or due and payable to the company in respect of— (a) the nominal paid up value of the shares; and (b) the share premiums paid to the company in relation to those shares and required to be transferred to the share premium account under section 48. (3) Where a share is issued for consideration other than cash, the Board shall in accordance with section 57 determine the cash value of that consideration for the purposes of subsection (1) or (2), as the case may be. (4) Where a share has attached to it an obligation other than an obligation to pay calls, and that obligation is performed by the shareholder— (a) the Board shall determine the cash value, if any, of that performance; and [Issue 4] C35 – 24 Revised Laws of Mauritius (b) the cash value of that performance shall be deemed to be a call which has been paid on the share for the purposes of subsection (1) or (2), as the case may be.