| (1) |
In this regulation, the expression "director or promoter" refers to a director or promoter of a company only if its securities are being offered in a prospectus contemplated in regulation 55. |
| (2) |
Section 1, Paragraph 8 of every prospectus must set out— |
| (a) |
a statement of any consideration paid, or agreed to be paid, by any person within the 3 years immediately before the date of the prospectus- |
| (i) |
to a director or a related person, or |
| (aa) |
in which the director is beneficially interested; or |
| (bb) |
of which the director is also a director; or |
| (iii) |
to any partnership, syndicate or other association of which the director is a member |
to induce the director to become a director, or to qualify as a director, or for services rendered by the director or by a company, partnership, syndicate or other association in connection with the promotion or formation of the company; and
| (b) |
full particulars of the nature and extent of any direct or indirect material interest, of any director or promoter in— |
| (i) |
the promotion of the company; |
| (ii) |
any property proposed to be acquired by the company out of the proceeds of the issue; or |
| (iii) |
any property acquired or proposed to be acquired by the company or any subsidiary during the 3 years immediately before the date of the prospectus; and |
| (c) |
if any interest of a director or promoter contemplated above consists in being a member of a partnership, company, syndicate or other association of persons— |
| (i) |
the nature and extent of the interest of each such partnership, company, syndicate or other association; and |
| (ii) |
the nature and extent of each such director's or promoter's interest in the partnership, company, syndicate or other association. |
Older Persons Act, 2006
