Share Certificates - How can I divide 1000 shares EQUALLY between 3 directors?

[quick]

Hi

I have 1000 authorised shares to be issued to 3 shareholders EQUALLY in a private company SIIQ (PTY) LTD.

Questions :
Can a shareholder be issued a percentage of a share (e.g. 333.33 shares each) or must it be a round figure e.g. 333 shares.

If we issue 333 shares each to 3 shareholders, what happens to the 1 remaining share? Can this 1 share remain unallocated in the pool?

Thanks a million for your assistance

Jeremy

[Dave A]

You don't have to issue all the authorised shares. In fact, it's quite common not to.

If you want, you could issue 33 shares to each of your three shareholders at this point.

[Basment Dweller]

Who owns the unallocated shares then?

[Dave A]

Who owns the unallocated shares then?

Effectively, the company (as in if they are ever sold, the income of that sale would accrue to the company). But as they are not yet issued, there are no shareholder rights attached to them as yet.

[Andromeda]

Actually the company only owns the right to issue them. It is not an asset. It is simply the authority that the company has, in terms of its MOI, to issue them to whomever the directors decide is appropriate.

And as Dave intimates, you cannot issue a percentage of a share, only a whole one.

[quick]

Thanks guys, really appreciate it.

Will keep shares to whole numbers, and issue 33 shares only, and leave the rest unallocated for future investors.