co 
SECRETARIAL PRACTICE 
b) 
issues or authorises the issue of any notice, advertisement, 
or other official publication of the company, or signs or 
authorises to be signed on behalf of the company any 
bill of exchange, promissory note, endorsement, cheque, 
or order for money or goods, wherein its name is not men- 
tioned in manner aforesaid; or 
issues or authorises the issue of any bill of parcels, invoice, 
receipt, or letter of credit of the company, wherein its 
name is not mentioned in manner aforesaid: 
lc) 
he shall be liable to a fine not exceeding fifty pounds, and shall 
further be personally liable to the holder of the bill of exchange, 
promissory note, cheque, or order for money or goods, for the 
amount thereof, unless it is duly paid by the company. 
Restrictions on Commencement of Business, 
Restrictions on 
commencement 
of business. 
94.—(1) Where a company having a share capital has issued a 
prospectus inviting the public to subscribe for its shares, the company 
shall not commence any business or exercise any borrowing powers 
anless— 
(a) shares held subject to the payment of the whole amount 
thereof in cash have been allotted to an amount not less 
in the whole than the minimum subscription; and 
every director of the company has paid to the company, 
on each of the shares taken or contracted to be taken by 
him and for which he is liable to pay in cash, a proportion 
equal to the proportion payable on application and allot- 
ment on the shares offered for public subscription; and 
there has been delivered to the registrar of companies for 
registration a statutory declaration by the secretary or 
one of the directors, in the prescribed form, that the afore- 
said conditions have been complied with. 
(2) Where a company having a share capital has not issued a 
prospectus inviting the public to subscribe for its shares, the com- 
pany shall not commence any business or exercise any borrowing 
powers, unless— 
(a) there has been delivered to the registrar of companies for 
registration a statement in lieu of prospectus; and 
every director of the company has paid to the company, 
on each of the shares taken or contracted to be taken by 
him and for which he is liable to pay in cash, a proportion 
equal to the proportion payable on application and allot- 
ment on the shares payable in cash; and 
there has been delivered to the registrar of companies for 
registration a statutory declaration by the secretary or 
one of the directors in the prescribed from that paragraph 
(b) of this subsection has been complied with.