105. Power to pay certain commissions and prohibition of payment of all other commissions discounts, etc:-
(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.(2)Save as aforesaid, no company shall apply any of its shares or capital money either directly or indirectly in payment of any commission, discount or allowance, to any person in consideration of his subscribing or agreeing to subscribe, whether absolutely or conditionally, for any shares of the company, or procuring, or agreeing to procure subscriptions, whether absolute or conditional, for any shares in the company, whether the shares or money be so applied by being added to the purchase-money of any property acquired by the company or to the contract price of any work to be executed for the company, or the money be paid of the nominal purchase-money or contract price, otherwise.(3)Nothing in this section shall affect the power of any company to pay such brokerage as it has heretofore been lawful for a company to pay, and a vendor to, promoter of, or other person who receives payment in money or shares from, a company shall have,; and shall be deemed always to have had, power to apply any part of the money or shares so received in payment of any commission, the payment of which, if made directly by the company, would have been legal under this section.
