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COMPANIES CLAUSES CONSOLIDATION ACT 1845 - SECT 58

If old shares at premium, new shares to be offered to the shareholders.

58. If at the time of any such augmentation of capital taking place by the
creation of new shares the then existing shares be at a premium, or of greater
actual value than the nominal value thereof, then, unless it be otherwise
provided by the special Act, the sum so to be raised shall be divided into
shares of such amounts as will conveniently allow the same to be apportioned
among the then shareholders in proportion to the existing shares held by them
respectively; and such new shares shall be offered to the then shareholders in
the proportion aforesaid: and such offer shall be made by letter under the
hand of the secretary given to or sent by post, addressed to each shareholder
according to his address in the shareholders address book, or left at his
usual or last place of abode.

© 1845 Crown Copyright

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