Kindly appreciate the discussion below:
Share Certificate to Subscribers
Yes, share certificate is very much required to be issued to the subscribers of MOA.
Bringing of Share Capital
There is no specific provision in the Co. act for the same.
Ideally such amount should be deposited by the subscribers after incorporation of the co. in the newly opened bank a/c of the company and record the same in the first BM Minutes.
Alternatively, as there is no tracing of such amount, it may be deposited by them later.
As a CS i would suggested you should opt I option to avoid any kind of future problem.
Even if you receive the amount from subscribers after 6 months the date of deemed Allotment and date on share certificate would remain the same i.e. date of incorporation of the company.
Issue of shares to subscribers other then cash
The position regarding the above query is yet to be tested in law. As per my knowledge there is no provision in law which prohibit issue of shares to subscribers for consideration other then cash and also there is no case law which prohibit the same.
So since there is no restriction in law--issue of shares to subscribers other then cash is very much possible.
Kindly share your views regarding question-2.
Hope I am able to bring some clarity. In case of any doubt please post it. I’ll definitely try my best to solve it.