(1) After registering
the Securities in the register book pursuant to Rule 18, the Board shall
grant the license to the concerned Corporate Body in format of
Schedule-7 for issuing the Securities.
(2) While granting the license Pursuant to sub-rule (1) for issuing
the Securities, the Board may prescribe the terms and conditions to be
19 Inserted by First Amendment.
followed by the concerned Corporate Body. To follow the terms and
conditions prescribed by the Board shall be the duty of the concerned
Corporate Body.
20 19A. Underwriting to be Made : Where a Corporate Body incorporated
with the objective of carrying out industrial acts has not made the
evaluation of the project for the propose of borrowing debt from any
bank or financial institution shall issue the Securities only after making
the Securities under written 21from the Securities Entrepreneur.
22 19B. Sale of the Securities : (1) The Corporate Body which has obtained
permission to issue the Securities through the Securities pursuant to
Rule 19 shall sell such Securities through 23 Securities Entrepreneur.
(2) While selling the Securities pursuant to sub-rule (1) the
Corporate Body shall have to conclude an agreement 24with the
Securities Entrepreneur which have obtained the membership. The
Corporate Body shall give a notice to the Board enclosing thereto the
copies of agreement so concluded to the effect that it is going to sell the
Securities.
25 19C. Sale of the Securities Taken by the Promoters: The promoter who has
taken more than Five Percent shares of the issued shares of any
Corporate Body shall inform to the Board before selling the shares taken
by them.