47 Fractional shares

(1) Subject to its memorandum and articles, a company may issue fractional
shares.

(2) Unless and to the extent otherwise provided in a company‘s articles, a
fractional share shall be subject to and carry the corresponding fraction of
liabilities (whether with respect to par value, premium, contribution, calls
or otherwise howsoever), limitations, preferences, privileges,
qualifications, restrictions, rights and other attributes of a whole share of
the same class of shares; and in this Act the expression ―share‖ includes a
fraction of a share and no issue or purported issue of a fraction of a share
shall be invalid by reason only of the fact that it was issued or purportedly
issued prior to the Act commencement date.

(3) The par value of a par value share may be expressed in an amount which
is a fraction or a percentage of the smallest denomination of the currency
in which it is issued.