(1)
Where, after the commencement of this Act, a memorandum delivered to the Commission under section 36 states that the association to be registered is to be registered with shares, the amount of the share capital stated in the memorandum to be registered shall not be less than the minimum issued share capital.
(2)
No company having a share capital shall, after the commencement of this Act, be registered with a share capital less than the minimum issued share capital.
(3)
Where, at the commencement of this Act, the issued share capital of an existing company is less than the minimum issued share capital, the company shall, not later than six months after the commencement of this Act, issue shares to an amount not less than the minimum issued share capital.
(4)
Subject to subsection (3), where a company is registered with shares, its issued capital shall not at any time be less than the minimum issued share capital.
(5)
Where a company to which subsections (3) and (4) apply fails to comply with the applicable subsection, the company is—
(a)
liable to such fine as the Commission may prescribe by regulation ; and
(b)
in addition, liable to a daily default fine as the Commission shall specify by regulation for every day during which the default continues.