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Section 63
Approval required to start business
: (1) A public company established under this Act shall not start its business without obtaining approval to do business.
(2) In order to get approval according to sub-section (1), the founder of the public company must submit an application to the office including the proof that the entire amount demanded has been paid out of the amount for the shares agreed to be purchased.
(3) If it is proved that the requested amount has been paid out of the amount for the shares agreed to be purchased by the founders upon receipt of an application according to sub-section (2), the office will grant permission to do business. But if the amount paid for the shares is less than the amount mentioned in sub-section (1) of section 11, approval will not be given.
(4) Except for things like special general meeting, meeting of the board of directors, management of the company, publishing prospectus or any kind of action that creates liability should not be done without taking approval to start business according to this section.
(5) Notwithstanding anything written in sub-section (2), in the case of a company operating a particular business, in the case of granting a license from the regulatory body authorized to regulate such business in accordance with the prevailing law, if any condition has been determined before starting such business, the business shall not be conducted until proof of fulfillment of such condition is submitted. Approval to start will not be granted.
(6) Notwithstanding anything else written in this section, a private company may start its business after obtaining a certificate of registration in the office. However, if a specific transaction needs to be approved by a relevant body according to the prevailing law, then the transaction should be started only after receiving such approval.
(2) In order to get approval according to sub-section (1), the founder of the public company must submit an application to the office including the proof that the entire amount demanded has been paid out of the amount for the shares agreed to be purchased.
(3) If it is proved that the requested amount has been paid out of the amount for the shares agreed to be purchased by the founders upon receipt of an application according to sub-section (2), the office will grant permission to do business. But if the amount paid for the shares is less than the amount mentioned in sub-section (1) of section 11, approval will not be given.
(4) Except for things like special general meeting, meeting of the board of directors, management of the company, publishing prospectus or any kind of action that creates liability should not be done without taking approval to start business according to this section.
(5) Notwithstanding anything written in sub-section (2), in the case of a company operating a particular business, in the case of granting a license from the regulatory body authorized to regulate such business in accordance with the prevailing law, if any condition has been determined before starting such business, the business shall not be conducted until proof of fulfillment of such condition is submitted. Approval to start will not be granted.
(6) Notwithstanding anything else written in this section, a private company may start its business after obtaining a certificate of registration in the office. However, if a specific transaction needs to be approved by a relevant body according to the prevailing law, then the transaction should be started only after receiving such approval.