Section 103(1)(b) in Indian Companies Act, 1913

[Cites 0, Cited by 1] [Section 103(1)] [Section 103] [Entire Act]

Union of India - Subsection

Section 103(1)(b) in Indian Companies Act, 1913

(b)every director of the company has paid to the company on each of the shares taken or contracted to be taken by him, and for which he is liable to pay in cash, a proportion equal to the proportion payable on application and allotment on the shares offered for public subscription or, in the case of a company which does not issue a prospectus inviting the public to subscribe for its shares, on the shares payable in cash; and

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Union of India - Subsection

Section 103(1)(b) in Indian Companies Act, 1913