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TMI BlogRestrictions on commencement of business.X X X X Extracts X X X X X X X X Extracts X X X X ..... cash, a proportion equal to the proportion payable on application and allotment on the shares offered for public subscription; (c) no money is, or may become, liable to be repaid to applicants for any shares or debentures which have been offered for public subscription by reason of any failure to apply for, or to obtain, permission for the shares or debentures to be dealt in on any recognised stock exchange; and (d) there has been filed with the Registrar a duly verified declaration by [1] [one of the directors or the secretary or, where the company has not appointed a secretary, a secretary in whole-time practice], in the prescribed form, [2] that clauses (a), (b) and (c) of this sub-section, have been complie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment, in relation to any of the objects stated in its memorandum in pursuance of sub-clause (ii) of clause (d) of sub-section (1) of the said section, unless (i) the company has approved of the commencement of any such business by a special resolution passed in that behalf by it in general meeting; and (ii) there has been filed with the Registrar a duly verified declaration by [5] [one of the directors or the secretary or, where the company has not appointed a secretary, a secretary in whole-time practice], in the prescribed form, that clause (i) or as the case may be, sub-section (2B) has been complied with; and if the company commences any such business in contravention of this sub-section, every per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of sub-section (1) or sub-section (2), as the case may be, and, in the case of a company which is required by sub-section (2) to file a statement in lieu of prospectus, also of such a statement, certify that the company is entitled to commence business, and that certificate shall be conclusive evidence that the company is so entitled. (4) Any contract made by a company before the date at which it is entitled to commence business shall be provisional only, and shall not be binding on the company until that date, and on that date it shall become binding. (5) Nothing in this section shall prevent the simultaneous offer for subscription or allotment of any shares and debentures or the receipt of any money payable on applicati ..... X X X X Extracts X X X X X X X X Extracts X X X X
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