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share capital subscription

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 March 2011 Company X being a subscriber to a new company formation (Company Y) but the payment for subscription to share capital is not made in the books of company X.

Is it possible for a subscriber to be in the memorandum of Association(MOA) as subscriber but does not pay his share in capital as specified in MOA.

what is the time limit for such payment
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
24 March 2011 Not at all possible,because it will go aginst the subscription clause (last page) of the MOA.
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