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of <h1>Companies Act Section 76: Rules on Commission Payments for Share and Debenture Subscriptions, Disclosures, and Legal Limits</h1> Section 76 of the Companies Act, 1956, outlines the conditions under which a company can pay commissions for subscribing or procuring subscriptions for its shares or debentures. Such payments must be authorized by the company's articles and must not exceed specified limits: 5% for shares and 2.5% for debentures. These payments must be disclosed in the prospectus or other relevant documents. The section prohibits other forms of commissions, discounts, or allowances unless specified by law. Non-compliance results in fines. The section also clarifies that brokerage payments remain unaffected and lawful under historical practices.
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