Payment of commission: statutory conditions, caps and prospectus disclosure required for commissions on securities issuances. Payment of commission on subscription or procurement of a company's securities is permitted only if authorized in the articles of association, funded from issue proceeds or profits or both, and subject to prescribed rate limits; commissions may not be paid on securities not offered to the public. The prospectus must disclose the underwriters, the rate and amount of commission, and the number of securities underwritten, and the contract for payment of commission must be filed with the Registrar on submission of the prospectus.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Payment of commission: statutory conditions, caps and prospectus disclosure required for commissions on securities issuances.
Payment of commission on subscription or procurement of a company's securities is permitted only if authorized in the articles of association, funded from issue proceeds or profits or both, and subject to prescribed rate limits; commissions may not be paid on securities not offered to the public. The prospectus must disclose the underwriters, the rate and amount of commission, and the number of securities underwritten, and the contract for payment of commission must be filed with the Registrar on submission of the prospectus.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
