60. Registration of
prospectus.—(1) No prospectus shall be issued
by or on behalf of a company or in relation to an intended
company unless, on or before the date of its publication,
there has been delivered to the Registrar for registration
a copy thereof signed by every person who is named therein
as a director or proposed director of the company or by his
agent authorised in writing and having endorsed thereon or
attached thereto—
(a) any consent to the issue of the prospectus required by
section 58 from any person as an expert; and
(b) in the case of a prospectus issued generally also—
(i) a copy of every contract required by clause 16 of Schedule
II to be specified in the prospectus, or, in the case of a
contract not reduced into writing, a memorandum giving full
particulars thereof; and
(ii) where the persons making any report required by Part
II of that Schedule have made therein, or have, without giving
the reasons, indicated therein, any such adjustments as are
mentioned in clause 32 of that Schedule, a written statement
signed by those persons setting out the adjustments and giving
the reasons therefor.
(2) Every prospectus to which sub-section (1) applies shall,
on the face of it,—
(a) state that a copy has been delivered for registration
as required by this section; and
(b) specify any documents required by this section to be
endorsed on or attached to the copy so delivered, or refer
to statements included in the prospectus which specify those
documents.
(3) The Registrar shall not register a prospectus unless
the requirements of sections 55, 56, 57 and 58 and sub-sections
(1) and (2) of this section have been complied with and the
prospectus is accompanied by the consent in writing of the
person, if any, named therein as the auditor, legal adviser,
attorney, solicitor, banker or broker of the company or intended
company, to act in that capacity.
(4) No prospectus shall be issued more than ninety days after
the date on which a copy thereof is delivered for registration;
and if a prospectus is so issued, it shall be deemed to be
a prospectus a copy of which has not been delivered under
this section to the Registrar.
(5) If a prospectus is issued without a copy thereof being
delivered under this section to the Registrar or without the
copy so delivered having endorsed thereon or attached thereto
the required consent or documents, the company, and every
person who is knowingly a party to the issue of the prospectus,
shall be punishable with fine which may extend to fifty thousand
rupees.
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