A former requirement of the now repealed section 2(5)(a) of the Companies Act 1985 under which, before 1 October 2009, a company with share capital was required to state in its memorandum the amount of capital that the company was authorised by its shareholders to issue together with the number and nominal value of the shares into which it was divided. From 1 October 2009, the Companies Act 2006 abolished the requirement for a company to have an authorised share capital and shareholders wishing to restrict the number of shares that can be issued by a company need to address this issue in the company's articles.
Although no longer strictly required under Compamy Law the system requires Shares be authorised before the shares can be issued. Not all authorised shares must be issued.
The share type list contains all share types associated with the company.
The date of the transaction. Dates can either be entered manually or selected from the pop-up calendar by clicking on the icon. Dates must be entered in the format DD/MM/YYYY, for example, 01/01/2000.
When entering dates manually, a date guessing routine speeds up the input by taking the user input and assuming the missing month and or year based on the current date as the user leaves the field i.e.
the date today is 30th October 2009
- User enters 15 or 15/ and tabs - field displays 15/10/2009
- User enters 15/9 or 15/9/ and tabs - field displays 15/9/2009
Amount to Authorise
The number of shares authorised.