Section 22
of International Business Companies Order, 2000
Section 22
Any IBC or foreign international company which, or any officer, director, agent or any other person acting or purporting to act on behalf of the company who –
Incorporating amendments until S 53/2017
(Clean Vesion) NANI/zimah _ as of 11 February 2020
33
BLUV as at 20th June 2017
(a)
issues an invitation or distributes forms of application to the public or to any member of the public to subscribe for shares or debentures in the company; or
(b)
issues an invitation to the public or to any member of the public to deposit money with or lend money to the company, shall be guilty of an offence and liable on conviction to imprisonment for a term not exceeding two years, a fine not exceeding one hundred and fifty thousand dollars or both, unless –
(i)
the Registrar has given his prior written consent to the issuing of that invitation or the distribution of those forms of application to the public; and
(ii)
that invitation or the distribution of forms of application to the public is made in accordance with this Part.
(2)
(Repealed by S 37/2003).
Requirement to issue forms of application for shares or debentures with prospectus.