The Companies (Model Articles) Regulations 2008 No. 3229

SCHEDULE 1 MODEL ARTICLES FOR PRIVATE COMPANIES LIMITED BY SHARES

PART 3 SHARES AND DISTRIBUTIONS

SHARES

All shares to be fully paid up

21.—(1) No share is to be issued for less than the aggregate of its nominal value and any premium to be paid to the company in consideration for its issue.

(2) This does not apply to shares taken on the formation of the company by the subscribers to the company’s memorandum.