Power to pay certain commissions and prohibition of payment of all other commissions, discounts, etc.

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..... (1) A company may pay a commission to any person in consideration of __ (a) his subscribing or agreeing to subscribe, whether absolutely or conditionally, for any shares in, or debentures of, the company, or (b) his procuring or agreeing to procure subscriptions, whether absolute or conditional, for any shares in, or debentures of, the company, if the following conditions are .....

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..... in the statement in lieu of prospectus, or in a statement in the prescribed form [1] signed in like manner as a statement in lieu of prospectus and filed before the payment of the commission with the Registrar and, where a circular or notice, not being a prospectus inviting subscription for the shares or debentures, is issued, also disclosed in that circular or notice; [2] [* * *] (i .....

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..... (b) his procuring or agreeing to procure subscriptions, whether absolute or conditional for any shares in, or debentures of, the company, whether the shares, debentures or money be so allotted or applied by being added to the purchase money of any property acquired by the company or to the contract price of any work to be executed for the company, or the money to be paid out of the nominal pu .....

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..... e a person has subscribed or agreed to subscribe under clause (a) of sub-section (1) for any shares in, or debentures of, the company and before the issue of the prospectus or statement in lieu thereof any other person or persons has or have sub scribed for any or all of those shares or debentures and that fact together with the aggregate amount of commission payable under this section in respect .....

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..... dment) Act, 1965, Act 31 of 1965, section 12, w.e.f. 15-10-1965. [5] Substituted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 22, for "any of its capital moneys". [6] Inserted by the Companies (Amendment) Act, 1965, Act 31 of 1965, section 12, w.e.f. 15-10-1965. [7] Substituted for "five hundred rupees" by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000. - - .....

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