Section 21 — International Business Companies Order, 2000

(1)

No person shall –

(a)

issue an invitation to the public to deposit money with or lend money to an IBC or a foreign international company; or

(b)

issue an invitation, or distribute forms of application, to the public to subscribe for shares or debentures in an IBC or a foreign international company, otherwise than in accordance with this Part.

(2)

Any reference in this Order to an invitation or offer to the public shall be construed as including an invitation or offer which is not addressed exclusively to a restricted circle of persons.

(3)

For the purposes of subsection (2), an invitation or offer to the public shall not be considered to be addressed to a restricted circle of persons unless –

(a)

the invitation or offer is addressed to an identifiable category group or body of persons to whom it is directly communicated by the person making the invitation or the offer or by his appointed agent; or

(b)

such persons are the only persons who may accept the offer and they are in possession of sufficient information to be able to make a reasonable evaluation of the invitation or offer, and the number of persons to whom the invitation or offer is communicated does not exceed fifty.

Invitation to public.