oa De Rebus - Shares without par value - a prospective feature of South African company law
Commission of Enquiry Some of the most interesting recommendations of the Commission of Enquiry Into the Companies Act deal with the introduction and characteristics of shares without par value. Although for most South Africans shares without par value will be somewhat novel, they have been utilised by corporations in America for over fifty years. It was the state of New York which, in 1912, first provided for the issue of shares without par value. Today all the states of America with the exception of Oklahoma and Nebraska permit and regulate the issue of no-par value shares.
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