Section 24
of International Business Companies Order, 2000
Section 24
(1)
An invitation to the public to deposit money with or lend money to an IBC or a foreign international company shall not be issued, circulated or distributed by the company or by any other person unless a prospectus meeting the prescribed requirements in relation to the invitation has been approved and registered by the Registrar.
Incorporating amendments until S 53/2017
(Clean Vesion) NANI/zimah _ as of 11 February 2020
34
BLUV as at 20th June 2017
(2)
For the purposes of this Division, an IBC or foreign international company which accepts or agrees to accept from any person any money on deposit or loan shall be deemed to make an invitation to the public to deposit money with or lend money to the company or proposed company.
(3)
An IBC or a foreign international company is not required to issue a prospectus if it is not, at any one time, under a liability (whether or not such liability is present or future)
to repay any money accepted by it on deposit or loan from more than 50 persons.
(4)
Nothing in this section shall apply to an exempted entity and nothing in this
Order shall require a prospectus to be issued in connection with any invitation to the public to deposit money with an exempted company.
(5)
In this section, “exempted entity” means –
(a)
an IBC or a foreign international company in either case granted a licence under the International Banking Order, 2000; or
(b)
an IBC or a foreign international company or a registered agent which has been declared by the Authority by notice published in the Gazette to be an exempted company for the purposes of this section.
(6)
Any person who contravenes or fails to comply with any of the provisions of this section shall be guilty of an offence and liable on conviction to imprisonment for a term not exceeding two years, a fine of one hundred and fifty thousand dollars or both.
Advertisements.