Companies Act 2014 section 66

Shares

Section 66 sets out the fundamental rules governing the nature of shares in a company, including their nominal value, the flexibility companies have in allotting different types of shares, the treatment of trusts and beneficial interests, and the prohibition on bearer instruments.

• All shares must have a nominal value, and companies may allot shares of different nominal values, currencies, or with different amounts payable on them
• Shares may be issued with preferred, deferred, or other special rights or restrictions, and companies may allot redeemable shares unless their constitution says otherwise
• A company is not obliged to recognise shares held on trust or any equitable, contingent, future, or partial interest in shares, though it may require information about beneficial ownership
• Companies are prohibited from issuing bearer instruments, and any purported issue renders the shares unallotted, with the subscription amount becoming a debt owed back to the subscriber