第13章 Share capital 股本
1.Types of capital
Name Definition
Issued/allotted 已发行/分配 The nominal value of shares currently in issue 发行股票的票面guangtong
价值
Called up 认缴 The amount of money requested by the company in payment
for shares issued 公司要求认购后支付的数额
Paid up 实缴 The amount of money received by the company for shares
issued 实际支付的数额
Rerve 储备账户 Capital only to be called up upon liquidation 公司清算时可以
给债权人以保证的储备的资本
注意：认缴额无法实缴，公司停业清算时无法承担认缴额，属于虚假注册，需要罚金和坐牢。 认缴可以不马上实缴，可以部分支付，也可以全部支付。Where a share is issued partly paid the company may call up the remaining unpaid amounts at any time.公司可以在任何时候要求股东支付
未实缴部分。Alternatively the liquidator may demand this upon winding up a
company.或者公司清算时，也可以让股东支付未实缴部分。
Capital not yet called is ‘uncalled capital’. 已认缴VS 未缴股本
Called capital which is not yet paid is termed ‘partly paid’ 实缴资本VS 部分实缴
the company therefore has an outstanding claim against its shareholders and this debt is
transferred to the new shareholder if the share is transferred.如果原股东有未实缴股份，当他转让股份时，新股东需对未缴付的认缴额承担责任。
● When a plc issues shares partly paid the following payment rules apply:
a) at least 25% of the nominal value must be received 股票票面价值，至少需缴付25% b) 100% of any share premium must be received 股票溢价部分，需100%缴付
2. Illustrate the difference between the various class of shares and the procedure for altering class rights 区分不同类别股票和改变类权利的步骤
lovematch
2.1.1The strict definition of a share consists of three elements, encompassing：股份有3个元素 a) Interest in the company –the member is entitled to a share of the profits generated by the asts owned by the company 分享公司的利益
b) Limited liability –the liability of the member is limited to the amount they have agreed to pay for their shares 以其出资额为限，承担有限责任
c) Mutual covenants –as defined in the previous chapter on the AoA, members are bound together 相互的契约，由AoA 定义，股东互相约束
案例：Rayfield v Hands
2.1.2 A company can issue shares of differing types, each having differing values and rights attaching to them. There are four categories you should be aware of:
a) Ordinary shares 普通股 b) Preference shares 优先股（中国没有优先股）
Feature Ordinary Preference
koko爱英语Dividends Variable 分红浮动 Fixed –usually cumulative 固定，通常
累计
Voting rights Yes 有投票权 Restricted 严格限制，除非跟自身利
益有关
General meetings May attend and vote 参与并投票 Restricted 严格限制，除非跟自身利益有关
Liquidation 破产清算时 Rank last Entitled to capital and share of surplus 清偿排在最后，只能拿到剩余的，<；当初的投资 Rank above ordinary shares Entitled to repayment of capital only 清偿排在
一般股之前
c) Redeemable shares 可赎回的股份，公司可以回购–being shares that the company may repurcha. A company must have some irredeemable shares in issue at all time 。UK 规定公司必须发行一些不可赎回的股票，以确保公司的公共性。
d) Deferred shares 延取股（非常稀有）–a rare form of capital that postpones the rights of a holder to receive a dividend until the ordinary shareholders have received a fixed return 延迟取得红利的权利，甚至比普通股都晚。举例：10送1股，10股拿到红利后，1股才会拿到红利。
2.2 Treasury shares 库存股
The treasury shares are shares that a listed company buys in itlf and does not cancel. They are then held as an investment with the following limitations: 股份有限公司购买自己公司的股份，但不取消。举例：股份有限公司流通3W ，现回购1W ，这1W 不取消则变成库存股份。 a) No dividend or pre ‐emption rights received. 没有分红和股票增发（如right issue ）时的现金优先购买权
nice是什么意思中文意思b) No participation in a distribution of company asts upon liquidation. 不能参与资产分配
c) No voting rights exercisable. 没有投票权。
它的作用只是为了稳定市场对股票的信心，维持原来的股本数。在UK和中国都很少。
2.3 The procedure for altering class rights 改变类权利的步骤
2.3.1 It is not uncommon for a company to have different types of shares in issue per Section1. Indeed a company may even have many different class of the same types of shares suchas Ordinary A, Ordinary B, Ordinary C shares etc. Each of the may well have different rights attaching to them, such as the power to vote, or preference over dividends, and the are known collectively as class rights. 公司有不同类别的股票是比较常见的。譬如中石油在中国是普通A 股，香港普通B股，美国普通C股。同一种类别的股票，3种不同的权利，包括投票权，分红优先权，称为类权利。
2.3.2 It is possible for a company to alter the rights attaching to class of shares as defined by the CA 2006: 根据CA 2006，公司是可以改变类权利，遵从如下：考点
a) The articles must allow for variation 公司章程允许此类改变。
b) Agreement of 75% of that class of shareholder is usually required 那类股东中的75%同意
2.3.3 Such variations maybe challenged by minority interests. Objections must be lodged with the courts within 21days of the vote, by at least 15% of the class of members that voted against the alteration. The courts may confirm or cancel the alterations they e fit. 必须在上述投票表决后的21天内向法院提出异议，而且那类股东中的15%成员不想改变。法院来决定哪种合适。
2.3.3 Alteration of class rights is a contentious area and it is often the role of courts to distinguish between: 改变类权利通常是有争议的，法律的作用是要区别以下两点：
a) Variation of class rights改变类权利（诸如：取消投票权，降低分红10%到8%）–such as removing/reducing the rights of a class of shares to vote or receive dividends
b) Varying the enjoyment of class rights 享有的类权利的改变（诸如：拆分投票权，50P有一票投票权，现在10P有一票投票权=50P有5票投票权）–this is not a variation in itlf, for example sub‐dividing 50p shares with one vote each, into five10p shares, with one vote each, does not constitute the variation of the rights of other class of shares in the same company.
3. Explain allotment of shares, and distinguish between rights issue and bonus issue of shares
3.1 Private company with a single class of shares
In the companies directors need not ek authority to allot new shares unless directed by their AoA. 私人公司：董事不需要授权，来增发股票。除非AoA直接限制了董事的这个权利。 3.2 Public companies and private companies with multiple class of shares 公众公司：股东构成是综合的，有各种类别的股东
In order to allot new shares the directors require authority, which is derived from passing an ordinary resolution. Once pasd the ordinary resolution is effective for up to five years. 董事必须要通过普通决议（>50%）得到授权，一旦普通决议通过，增发有效期5年。
3.3 Allotments are subject to the following rules: 增发的规则
圣诞节英文a) where shares are issued wholly for cash pre‐emption rights are granted: 如果需要现金，当前股东有现金优先购买权，一般认购价<；当前市场价。譬如：每10股认购2股，认购价XX
b) any company may exclude pre‐emption rights by special resolution and with court approval 如果免除现有股东的现金优先购买权，得通过公司的特别决议，并得到法院批准（举例：定向增发，仅对公司内个别股东）
c) directors must issue shares for a ‘proper purpo’ 有合适的目的（参见第16章）
杭州培训机构
3.4 可以作为投资的
Private companies Public companies Money √ √
Goods √ √
Services √（中国不可以） X
注意：对PCL，Goods must be independently valued six months before allotment, and received within five years of allotment.
3.5 Distinguish between rights issue and bonus issue of shares 增发和配股的区别
英文商标大全
Rights issues 增发
A rights issue is the procedure through which a company rais new capital by offering new shares to its existing members. As the shares are offered to the existing shareholders in proportion to their existing holding, it can be en as respecting and giving effect to the shareholders’ pre‐emption right
毫伦琴s, even in situations where tho rights have been suspended, as indicated previously. As the purpo is to rai new capital for the company, either becau it is in difficulty, or needs the additional capital to expand its business, the shareholders who are offered the new shares are required to pay for them. However, as an inducement to engage in the deal, it is usual for the new shares to be offered at a discount to the current market value of the existing shares.
对现有股东按持股比例来发行，以现金优先购买。即便是暂停，股东优先权仍然有。目的是为了提升公司资本，，可能是为了应付公司的资金困难，或者为了一个好的项目。股东可以买，也可以放弃。一般认购价低于当前股票市场价。
Once again there is no compulsion不能被强迫to participate in the rights issue and often the rights to participate in the allotment of new shares are usually tradeable 可交易的 curities in themlves. Conquently shareholders who do not want to buy the new shares themlves may ll the rights to a third party. 如果现有股东自己不想买，可以把这个权利卖给第三方。（在中国是不可以的）
A bonus issue 发行红股
•A bonus issue of shares, sometimes referred to as a scrip issue 以股代息or more accurately a capitalisation issue 资本化的问题 is similar to a rights issue in that existing members receive new sh
ares in proportion to their existing holdings, but it differs in one esntial point: the individuals who receive the new shares usually do not have to pay anything for them; they are received free 不发分红，以股来代替，也是按当前持股比例来，股东不用付费。
In effect what the issue of bonus shares amounts to is a capitalisation of the company’s rerves, some of which could have been distributed to the members in some other way such as dividends. This is not the ca with all rerves as some non‐distributable ones, such as the share premium account 股份溢价账户and the capital redemption rerve 资本偿债保留金may be ud to fund the bonus issue. Bonus issues must never be funded from a company’s ordinary capital.把库
存里能分配的钱以Share Capital的形式转到公司的资本金里。
4. The effect of issuing shares at either a discount, or at a premium 股票发行的价格
4.1 Shares may not be issued at a discount (below their nominal value). Where this happens the shareholder is liable to the company for the unpaid amount plus interest. 不能折价发行，即低于票面价值发行。如果折价发行，该股东对未募足部分承担连带责任。
4.2 Where shares are issued at a in excess of nominal value, whether for cash or other当我开始爱自己
wi, an amount equal to the premium must be transferred to a share premium account. 可以溢价发行，即超过票面价值。溢价部分必须转入公司的股票溢价账户。
4.3 It is common for a company to issue its share at a premium to the nominal value. There are however a number of restrictions as to the u of the resulting share premium rerve, being: 超发完全合理，这部分资金进入溢价账户，其用途如下：
a)The issue of fully paid bonus shares 可以用来以股代息
b) Writing off the preliminary expens of company formation 可以用来冲抵公司创始人建立公司的费用（还给他）
c) Writing off the discount on the issue of debentures 冲抵债权的折扣（票面100元，折价92，那差额8由股票溢价账户填补）
d) Allowing the repurcha of debentures at a premium回购公司债权
e) Facilitating a Permissible Capital Payment in private companies （仅针对有限责任公司，而不是股份有限公司）允许资本支付，用不分配的利润回购公司股本（见第15章）
课堂案例分析：当公司不缺钱时，可以允许股东认缴但未实缴，先不交出来。但当公司清算时，公司资产不足清偿时，以认缴未实缴，就不用交出来了；如果公司资产足以清偿，那这部分就不用再缴纳了。
grey§PPT答案：C、D、B、B、D、3、1、2、B、C
