I'm trying to understand who has the right to issue new shares in my proprietary limited company (wherther through board or general resolution). I found the following clause in the constitution:
- The company possesses all powers of a natural person, subject to any restrictions in the Corporations Act. The powers of the company may be exercised in any manner permitted by the Corporations Act. In particular, the company possesses the following powers:
- the power to distribute property of the company amongst members in kind or otherwise;
- the power to charge uncalled capital assets of the company as a security;
- the power to grant a charge over company property, whether fixed or floating;
- the power to issue and cancel shares, which shall include redeemable or non-redeemable preference shares, partly paid shares and bonus shares;
- the power to grant options over shares that have not been issued; and
- the power to issue company debentures;
It refers to 'The Company' but who is the company? The board or the shareholder?
I'm from Australia.