Companies. [Ch. 31. No. ft.

had never been issued, and accordingly the share capital of
the company shall not for the purposes of any enactments
relating to stamp duty be deemed to be increased by the
issue of shares in pursuance of this subsection:

Provided that, where new shares are issued before the
redemption of the old shares, the new shares shall not, so far
as relates to stamp duty, be deemed to have been issued in
pursuance of this subsection unless the old shares are
redeemed within one month after the issue of the new shares.

(5) Where new shares have been issued in pursuance
of the last foregoing subsection, the capital redemption
reserve fund may, notwithstanding anything in this section,
be apphed by the c company, up to an amount equal to the
nominal amount of the shares so issued, in paying up unissued
shares of the company to be issued to members of the
company as fully paid bonus shares.

49. (1) Subject as provided in this section, it shall be
lawful for a company to issue at a discount shares in the
company of a class already issued:

Provided that

(a) the issue of the shares at a discount must be
uithorised by resolution passed in general meeting of
the company and must be ‘anctioned by the Court ;

(6) the resolution must specify the maximum rate of
discount at which the shares are to be issued,

(c) not less than one year must at the date of the
issue have elapsed since the date on which the company
was entitled to commence business:

(d) the shares to be issued at a discount must be
issued within one month after the date on which the
issue ts sanctioned by the Court or within such extended
time as the Court may allow.

(2) Where a company has passed a resolution autho-
rising the issue of shares at a discount, it may apply to the
Court for an order sanctioning the issue, and on any such
application the Court, if, having regard to all the circum-
stanc:s of the case, it thinks proper so to do, may make an
order sanctioning the issue on such terms and conditions
as it thinks fit.

367

Power to
issuc shares
atadisconnt