Allotment of shares in Singapore
According to Companies Act, Allotment of shares is a procedure of creating and issuing shares, either for new or existing shareholders. To initiate the process, the directors must get the existing shareholders’ approval at a general meeting.
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What is the share allotment procedure?
There are four things the secretary will address before the allotment:
- The general meeting-related papers: Directors’ Resolutions in Writing to convene the EGM, Notice of EGM, Proxy Forms (if necessary), Attendance List, Minutes of EGM
- Directors’ Resolutions in Writing noting the issuance and allotment of shares
- Lodgment with ACRA
- Preparation of new Share Certificate(s).
After the new Share Certificates have been issued, the company secretary will update the company’s register of allotments and register of shareholders.
What meeting does a company convene if there are shares to allot?
This subject may be on the agenda of an Annual General Meeting. If the members’ approval is required some time before or after the AGM, the company may hold an Extraordinary General Meeting. Depending on the composition of the company’s shareholders, different documentation will be prepared to hold the EGM.