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Part F: Shares Legal nature of shares 42. (1) The shares of a member in a company are movable property. (2) The number of shares in a company and the rights and liabilities attaching to the shares are dependent on the terms of issue. No par value shares 43. The shares created or issued under this Act are shares of no par value. Issue of shares 44. (1) Subject to the registered constitution of a company, different classes of shares may be issued in a company at the times and for the consideration that the company shall determine and shall be paid for, at the times that are agreed between the member and the company. (2) On the winding up of the company, every past and present shareholder of the company is liable to contribute to the assets of the company to the extent referred to in section 40. Payment of shares 45. (1) Except on a capitalisation issue pursuant to subsection (1) of section 77, shares shall not be issued otherwise than for valuable consideration paid or payable to the company and unless otherwise agreed, shares shall be paid for in cash. (2) Where a company agrees to accept payment for shares other- wise than wholly in cash, the company shall, within twenty-eight days after the allotment of the shares, deliver to the Registrar for registration a contract in writing duly stamped evidencing the terms of the agree- ment and the true value of the consideration or, if the agreement has not been reduced to writing, particulars in the prescribed form of the agree- ment duly stamped, as if it were a written agreement. (3) The particulars referred to in subsection (2) shall not be required on a capitalisation issue of shares pursuant to subsection (1) of section 77. (4) The statement in the agreement of the value of the non-cash consideration is sufficient evidence of the true value of the consider- ation, but when a company limited by shares is in the course of being wound up under the Bodies Corporate (Official Liquidations) Act, 1963 (Act 180), the liquidator or a creditor may apply to the Court and if the Court is satisfied that the true value of the consideration was less than stated, it may direct that the shares shall be treated as unpaid to the amount of money that it shall direct. 
