Authorised capital is abolished, but a statement of initial issued capital and shareholdings, i.e. details of the shares to be issued to the subscribers on formation, must be supplied. The details to be included on this form are: -
Under the old system, some of this information was shown in the memorandum (shares taken by the subscribers), and the rights attached to each class of shares may have been stated in the old articles, but not necessarily. Some of the information is the same as appeared on the old return of allotments, though this would not have been required for an allotment of subscribers' shares. Note also that some of the details required, including the information required to identify each subscriber, are to be specified in regulations.