Section 76(1)(b) in The Companies Act, 1956

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Union of India - Subsection

Section 76(1)(b) in The Companies Act, 1956

(b)his procuring or agreeing to procure subscriptions, whether absolute or conditional, for any shares in, or debentures of, the company, if the following conditions are fulfilled, namely:-

(i)the payment of the commission is authorised by the articles;

(ii)the commission paid or agreed to be paid does not exceed in the case of shares, five per cent of the price at which the shares are issued or the amount or rate authorised by the articles, whichever is less, and in the case of debentures, two and a half per cent. of the price at which the debentures are issued or the amount or rate authorised by the articles, whichever is less;

(iii)the amount or rate per cent of the commission paid or agreed to be paid is-

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Union of India - Subsection

Section 76(1)(b) in The Companies Act, 1956