(8.) Capital – Payment In Kind
Shares may be issued for cash or other consideration. The requirements to allow payments in kind as consideration for capital would include a contract in writing constituting the title of the allottee along with any contract of sale for services or other consideration that the allotment contained. These contracts must be duly stamped and returned stating the number and nominal amount of shares to be allotted and the extent as to be considered paid up and also covering the consideration for which they were allotted. If no written contract exists, then the company will need to provide a duly stamped statement of the same to the registrar detailing the transaction.58
58 Id. § 90(1), (2).