Companies Act (Cap. 386), article 103

103. (1) Whenever a company makes any allotment of its shares, the company shall, withi n one month thereafter, deliver to the Registrar for registration - (a) a return of the allotments stating the number and the nominal amount of the shares comprised in the allotment, the names and addr esses of the allottees and the amount paid and that due, and payable, on each share, whether on account of the nominal value of the share or by way of premiums; and (b) in the case of shares allott ed as fully or partly paid up otherwise than in cash, a contract in writing or, where the contract is not reduced t o w r i t i n g , a d o c u m e n t containing the particulars o f the contract, constituting the title of the allottee to the allotment, together with any contract of sale, or for services rendered or other consideration in respect o f which the allotment was made, and a return stating the number and nominal value of shares so allotted, the extent to which they are to be treated as paid up, and the consideration for which they have been allotted; and (c) where applicable, a declaration that the requirements of article 97 have been complied with. (2) If default is made in complying with the provisions of this article, every officer of the company who is in default shall b e liable to a penalty, and, for every day during which the defaul t continues, to a further penalty. Chapter V - Maintenance of sha re capital and protection of class rights Duty of directors on serious loss of capital.