(1) Where a body corporate is to sell and distribute securities to more than fifty persons at a time, it shall make public issue for the sale and distribution of such securities.
(2) The period to be open for making application of the securities to be issued pursuant to Sub-section (1) shall be as prescribed. (3) The provisions relating to the value and allotment of securities for which public issue has to be made shall be as prescribed. (4) Where securities for which public issue has been made once could not be sold and have to be re-issued again within one year, the body corporate which so issues the securities may, with the approval of the Board, issue such securities by mentioning the matters which are different than the matters set forth in the previously published prospectus and the prospectus previously published.