Written by Last Updated on June 19, 2019
It has been noticed that often banks are issuing receipts for the deposit of initial paid up capital in respect of new companies in formation without the company name being indicated on the document. This type of “bank slip” is not proper evidence of the paid up capital. Furthermore bank slips without the company name may lead to confusion and mistakes.
The Registry of Companies shall henceforth not accept as evidence of paid up capital, bank receipts that do not show the name of the company in formation in a clear and legible manner. In the case of computer generated receipts, where the company name is not printed, the company name should be inserted in legible handwriting and should be duly endorsed by the bank rubber stamp.
Practitioners and company promoters are encouraged to assist the Registry on this issue in order to avoid undue delays in the registration of companies.