Companies Act 2014 section 1318

Requirements as to share capital of body corporate applying to register as a PLC

Section 1318 sets out the share capital requirements that a body corporate must satisfy at the time it passes a registration resolution in order to register as a public limited company (PLC).

• The nominal value of the body's allotted share capital must be at least equal to the authorised minimum for a PLC.
• Every allotted share must be paid up to at least one-quarter of its nominal value, plus the whole of any share premium.
• Where shares or premiums have been paid up through an undertaking to perform work or services, that undertaking must have been fully performed or discharged before registration.
• Where shares have been allotted as paid up otherwise than in cash and the consideration includes a non-service undertaking, that undertaking must either have been performed or be subject to a contract requiring performance within five years.