Article 26 - Share premium account
(1) If an
LLC issues Shares at a premium to their nominal value, whether for cash or otherwise, a sum equal to the aggregate amount or value of the premiums on those Shares shall be transferred to an account called the "share premium account".
(2) The Share Premium Account may be applied by the
(A) in paying up unissued
Shares to be allotted to Members as fully paid bonus Shares;
(B) or in writing off:
LLC's preliminary expenses; or
(ii) the expenses of, or the commission paid or discount allowed on, any issue of
Shares or debentures of the LLC
(C) or in providing the premium payable on redemption of any redeemable
Shares or any debentures of the LLC.
(3) Subject to Article 26(2), the provisions of these
Regulations relating to a reduction of a Company's share capital apply as if the Share Premium Account were part of its paid up share capital.
This Article does not apply to an
|Amended (as from 5th April 2015).|