Power of directors to allot sharesU.K.
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Memorandwm Esboniadol
102.—(1) The directors of a protected cell company may exercise any power of the protected cell company to—
(a)allot shares issued on behalf of a part of the protected cell company; or
(b)grant rights to subscribe for or to convert any security issued into such shares.
(2) Paragraph (1) applies except to the extent that the protected cell company's instrument of incorporation provides otherwise.
(3) A share may not be allotted at a discount to its nominal value.
(4) If a share issued on behalf of a part of a protected cell company is allotted in contravention of paragraph (3), the allottee is liable to pay to the protected cell company on behalf of that part an amount equal to the amount of the discount.