(1)It shall be lawful for a commission to any person in consideration of his subscribing greening to subscribe, whether absolutely or condition, for any shares in the company, or v procuring or agreeing to procure subscriptions, whether absolute or conditional, for any shares in the company, if the payment of the commission is authorised by the articles, and the commission paid or agreed to be paid-does not exceed the amount or rate so authorised, and if the amount or rate per cent, of the commission paid or agreed to be paid is,—(a)in the case of shares offered to the public for subscription, disclosed in the prospectus ; or(b)in the case or shares not offered to the public for subscription, disclosed in the statement in lieu of prospectus, or in al statement in the prescribed form signed; in like manner as a statement in lieu of prospectus and filed with the registrar" and, where a circular or notice, not being a prospectus inviting subscription for the' shares is issued, also disclosed in that" circular or notice.
