Section 48 — Companies Act 1993: Exceptions to section 47

48 Exceptions to section 47 Section 47 of this Act does not apply to— (a) The issue of shares that are fully paid up from the reserves of the company to all shareholders of the same class in proportion to the number of shares held by each shareholder: (b) The consolidation and division of the shares or any class of shares in the company in proportion to those shares or the shares in that class: (c) The subdivision of the shares or any class of shares in the company in proportion to those shares or the shares in that class.