The term 'issued capital' does not describe the total amount stated in the Memorandum of Association. The memorandum of association states the company’s authorized (nominal) capital, also known as registered capital, which is the maximum share capital the company is permitted to issue.

Issued capital refers only to the portion of the authorized capital that has actually been issued to shareholders and fully paid. Therefore, issued capital is not the total amount stated in the memorandum of association.