Section 85, The Companies Act, 2009

(1) Where after the commencement of this Act, amemorandum delivered to the Commission under section 32 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 25 per cent of the shares taken up and paid up by the subscribers of the memorandum. (2) No company having a share capital shall, after the commencement of this Act, be registered with share capital less than the minimum share capital. (3) Where at the commencement of this Act, the share capital of an existing company is less than the minimum share capital, the company shall, not later than 30 days after the appointed day, increase the share capital to an amount not less than the minimum share capital of which not less than 25 per cent shall be issued. (4) Subject to sub-section (3) and to section 88, where a company is registered with shares, its issued capital shall not at any time be less than 25 per cent of the share capital. Person ceasing to be substantial shareholder to notify company. interests in of interests to be disclosed. Authorised minimum share capital. 60 61 (5) Where a company to which subsection (3) applies fails to comply with the subsection, it shall be guilty of an offence and be liable to a fine of Le3,000,000 and every officer who is in default shall be liable to a fine of Le500,000 for each day during which the default continues. Alteration of share capital