Section 33
of International Business Companies Order, 2000
Section 33
(1)
No allotment shall be made of any shares of an IBC offered to the public unless –
(a)
the minimum subscription has been subscribed; and
(b)
the sum payable on application for the shares so subscribed has been received by the company, but if a cheque for the sum payable has been received by the company, the sum shall be deemed not to have been received by the company until the cheque is paid by the bank on which it is drawn.
(2)
The minimum subscription shall be –
(a)
calculated on the nominal value of each share, and where the shares are issued at a premium, on the nominal value of, and the amount of the premium payable on, each share; and
(b)
reckoned exclusively of any amount payable otherwise than in cash.
(3)
The amount payable on application on each share offered to the public shall not be less than five per cent of the nominal amount of the share or of the issue price, as the case may be.
(4)
Any condition requiring or binding any applicant for shares to waive compliance with any requirement of this section shall be void.
(5)
No IBC shall allot, and no officer or promoter of an IBC company or a proposed
IBC shall authorise or permit to be allotted, shares or debentures to the public on the basis of a prospectus after the expiration of four months from the issue of the prospectus, and any IBC or other person who contravenes this section shall be guilty of an offence and liable on conviction to a term of imprisonment not exceeding two years, a fine not exceeding one hundred and fifty thousand dollars or both.
Incorporating amendments until S 53/2017
(Clean Vesion) NANI/zimah _ as of 11 February 2020
43
BLUV as at 20th June 2017
Application moneys to be held in trust until allotment.