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resolution required for accepting Share application money

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 December 2009 Whether a Board resolution is required to Accept Share Application Money.

Also what is the time period for a Private Limited Co. to Convert the Share Application Money into Shares.
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Rasesh

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Rasesh (Expert)
19 December 2009 The Board resolution is required to consider issuing shares. Once the resolution is passed, share application money can be taken.

There is no time limit within which the shares are to be converted into shares. You may return the share application money any time before allotment. Make the Share application forms accordingly, which enable the company to return the share application money at any time before allotment.
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