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Section 23
Prospectus to be published
: (1) A public company must publish a prospectus before issuing its securities to the public.
(2) Before publishing the prospectus according to sub-section (1), all the directors of the company shall submit a written application to the Securities Board for approval in accordance with the prevailing law on securities.
(3) According to subsection (2), no company or any person on behalf of such company shall publish the prospectus of such company until a copy of such prospectus has been registered in the office after having been approved by the Securities Board and granted permission for public issue.
(4) If it is found that the prospectus submitted in accordance with sub-section (2) omits to mention any important matter or mentions unnecessary things, the Securities Board shall make the necessary amendments or additions to such prospectus in accordance with the law and grant approval for publication.
(5) If the prospectus submitted in accordance with sub-section (2) is approved by the Securities Board, the relevant company shall give the information in writing to the office along with a copy of the approval letter of the Securities Board and after receiving the information, the office shall register the prospectus in accordance with this section. But if any of the provisions of this Act is found to be non-compliance, the office may refuse to register.
(6) If any person requests a copy of the prospectus registered by the office in accordance with sub-section (5), he shall be given a prescribed fee.
(7) When publishing a prospectus according to sub-section (1), the company must disclose the fact that the prospectus has been approved by the Securities Board and registered with the office, including the date.
(8) On the cover page of each prospectus, it must be mentioned that such prospectus has been registered in accordance with this section and that the Securities Board or the office does not have to bear any kind of responsibility in relation to the matters mentioned in that prospectus.
(9) Before the Securities Board approves the prospectus of a company, assurance that the concerned company has complied with the provisions of this Act.However, it must be declared before the board and the securities board can take the opinion of the office if it deems it necessary.
(10) Other procedures to be completed while publishing the prospectus and things to be disclosed in the prospectus shall be as mentioned in the prevailing law related to securities transactions.
(2) Before publishing the prospectus according to sub-section (1), all the directors of the company shall submit a written application to the Securities Board for approval in accordance with the prevailing law on securities.
(3) According to subsection (2), no company or any person on behalf of such company shall publish the prospectus of such company until a copy of such prospectus has been registered in the office after having been approved by the Securities Board and granted permission for public issue.
(4) If it is found that the prospectus submitted in accordance with sub-section (2) omits to mention any important matter or mentions unnecessary things, the Securities Board shall make the necessary amendments or additions to such prospectus in accordance with the law and grant approval for publication.
(5) If the prospectus submitted in accordance with sub-section (2) is approved by the Securities Board, the relevant company shall give the information in writing to the office along with a copy of the approval letter of the Securities Board and after receiving the information, the office shall register the prospectus in accordance with this section. But if any of the provisions of this Act is found to be non-compliance, the office may refuse to register.
(6) If any person requests a copy of the prospectus registered by the office in accordance with sub-section (5), he shall be given a prescribed fee.
(7) When publishing a prospectus according to sub-section (1), the company must disclose the fact that the prospectus has been approved by the Securities Board and registered with the office, including the date.
(8) On the cover page of each prospectus, it must be mentioned that such prospectus has been registered in accordance with this section and that the Securities Board or the office does not have to bear any kind of responsibility in relation to the matters mentioned in that prospectus.
(9) Before the Securities Board approves the prospectus of a company, assurance that the concerned company has complied with the provisions of this Act.However, it must be declared before the board and the securities board can take the opinion of the office if it deems it necessary.
(10) Other procedures to be completed while publishing the prospectus and things to be disclosed in the prospectus shall be as mentioned in the prevailing law related to securities transactions.