360

‘yoldlation
ot allotment
unless
minimum
subseripti
received,

Ch. 31. No. 1.| Com pantie.

required a prospectus to state in addition to the matters.
required by that section to be stated in a prospectus

(a) the net amount of the consideration receiy ed or to

Le received by the company jn respect of the shares or
debentures to which the offer relates, and

(6) the place and time at which the contract under

Which the said shares or debentures have been or are to
L allotted may be inspected.

(4) Where person making an offer to whieh this
section relates is a cempany or a firm, it shall be sufficient
if the document aforesaid is signed on behalf of the com
pany or firm by two directors of the company or not less
than half of the partners, as the case may be, and any such
director or partner may sign by hi agent authorised in
writing,

Adlotite nt,

41. (1) No allotment shail Le made ofany share capital of
a company oliered to the pubhic for subscription unless the
amount stated in the prespectus as the minimum amount
Which, in the opinien of the dircetors, must braised by the
issu of share capil in order to provide for the matters
specified wn paragraph Sam Part i. of the fourth Schedule
to this Ordinance has Peen subsenked, and the sum payable
ol appheation for the amount se stated has been paid te and
recewed by the company

Por the purpo. oof this subsection, a sum shall be
deemed to have been paid to and received by the company
Wachegt for that sum has been received in good faith by
the company and the directors of the company have no
reasen for suspecting that the cheque will not be paid.

(2) The amount so stated in the prospectus shall be
reckoned exciusively of any amount payable otherwise than
in cash and is in this Ordinance referred to as | the minimum
subscriptien,

(3) The amount payable on application on each share
shall not be less than five per cent. of the nominal amount
of the share

(4) Uf the conditions aforesaid have not been complied
with on the expiration of forty days after the first issue of
the prospectus, all money received from applicants for
shares shall be forthwith repaid to them without interest,