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CONSENT OF PROPOSED DIRECTORS , The nominal value of qualification , typical declaration


CONSENT OF PROPOSED DIRECTORS
DIRECTORS' UNDERTA AS REGARDS QUALIFICATION SHARES
Besides the consent to act as director ever person, who has given such convent, must also give a written underf. Ikiug to take up and pay for the shares. This document is required to be fi led with the before incorporation. The understanding must be given individually by the respective directors
The nominal value of qualification shares which the directors take cannot be more than Rs. 5,000 or the noininal value of one share where it exceeds the said an Zount [Sec. 270(3)].
: The written underta to take up and pay for qualifcahon shares is not required to be made in the case of
(a) a company not having a share capital,
(b) a private company, and
(c) a company which was a private cornpanybeforebeeoming a public company.
STATUTORY DECLARATION
Along with the other documents mentioned-above, a declaration DUst be submitted by an advocate of the Supreme Court of a High Court an attorney or a pleader entitled to appeal before a High Court or a Company Secretary or a Chartered Accountant m whole-time practice, who is engaged in the formation of a company or by a person named in the Articies as a director, manager or secretary to the effect that all the requi. enter.ns of the Act and the rules thereunder ha e been complied with in respect of registration and matters precedent and incidental to it [Sec. 33(2)]. The fom l of a typical declaration is go en hereunder:
No. of Companv
THE COMPANES ACT, 1956
Declaration of Con pha Dce v ith the Requirements of the Companies Act 1956, on application for Regi Tation of a Company
72 'S: SECRETARIAL PRACTICE
or part of the issue subscnbed, the undenvriters are paid their ccr r
In case the shares underwritten are not fully subscribed the ur.de take over the unsold shares and pav for the same. If the amount of umden N..= p commission is greater than the value of shares taken over by underwrners the difference is pa! able by the company
PROCEDURE FOR UNDERWRiTING OF SHARES
For completing the underwriting arramgement, promoters generalhapproach a financial institution or firm of financiers They supply an advance copy of the prospectus and other expert reports (e.g., project report b ' engineering and financial consultants) to the firm which after scrutiny of the prospects of the company and the risks involved, decide whether or not to accept the proposal. The terms and conditions fommderw Ziting are negotiated if the firm decides to underwrite the issue. :


 
 
 



 
 
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