COMPANIES ACT, 1929

589

court, if satisfied that the omission to deliver the document was
accidental or due to inadvertence or that it is just and equitable
to grant relief, may make an order extending the time for the
delivery of the document for such period as the court may think
proper.
Commissions and Discounts.
43.—(x) It shall be lawful for a company to pay a commission ower to pay
to any person in consideration of his subscribing or agreeing to misione and
subscribe, whether absolutely or conditionally, for any shares in prohibition of
the company, or procuring or agreeing to procure subscriptions, £3ment of all
whether absolute or conditional, for any shares in the company ve discounts,
if— ;

the payment of the commission is authorised by the articles;
and
the commission paid or agreed to be paid does not exceed
ten per cent. of the price at which the shares are issued or
the amount or rate authorised by the articles, whichever
is the less; and
the amount or rate per cent. of the commission paid or
agreed to be paid is—
(i) in the case of shares offered to the public for
subscription, disclosed in the prospectus; or
(1) in the case of shares not offered to the public for
subscription, disclosed in the statement in lieu of prospec-
tus, or in a statement in the prescribed form signed in
iike manner as a statment in lieu of prospectus and
delivered before the payment of the commission to the
registrar of companies for registration, and, where a
circular or notice, not being a prospectus, inviting
subscription for the shares is issued, also disclosed in
that circular or notice; and
the number of shares which persons have agreed for a
commission to subscribe absolutely is disclosed in manner
aforesaid.

v

(2) Save as aforesaid, no company shall apply any of its shares
or capital money either directly or indirectly in payment of any
commission, discount, or allowance, to any person in consideration
of his subscribing or agreeing to subscribe, whether absolutely or
conditionally, for any shares of the company, or procuring or agreeing
to procure subscriptions, whether absolute or conditional, for any
shares in the company, whether the shares or money be so applied
by being added to the purchase money of any property acquired
by the company or to the contract price of any work to be executed
for the company, or the money be paid out of the nominal purchase
money or contract price, or otherwise.

(3) Nothing in this section shall affect the power of any com-
pany to pay such brokerage as it has heretofore been lawiul for a
companv to nav