Section 542 | Nominal value of shares

(1)Shares in a limited company having a share capital must each have a fixed nominal value.

(2)An allotment of a share that does not have a fixed nominal value is void.

(3)Shares in a limited company having a share capital may be denominated in any currency, and different classes of shares may be denominated in different currencies.But see section 765 (initial authorised minimum share capital requirement for public company to be met by reference to share capital denominated in sterling or euros).

(4)If a company purports to allot shares in contravention of this section, an offence is committed by every officer of the company who is in default.

(5)A person guilty of an offence under this section is liable—

(a)on conviction on indictment, to a fine;

(b)on summary conviction, to a fine not exceeding the statutory maximum.