Section 128: Increase of issued capital on increase of shares

(1) Where a company allots new shares, thereby increasing its issued share capital, the increase shall not take effect unless—
(a) at least 25% of the share capital including the increase has been paid up; and
(b) the directors have delivered to the Commission a statutory declaration verifying that fact.
(2) Where a company fails to comply with the applicable subsection, it shall be liable to such fine as the Commission may prescribe by regulation for every day during which the default continues.