Cap. 168 Art. 82Issue of applications for shares in or debentures of a company to be made with a prospectus.

(1) It shall not be lawful to issue any form of application for shares in or debentures of a company unless the company is registered and the form is issued with a prospectus which complies with the requirements of the next following article:

Provided that this article shall not apply to a form of application issued either -

(a) in connection with a bona fide invitation to a person to enter into an underwriting agreement with respect to the shares or debentures; or

(b) in relation to shares or debentures which are not offered to the public. right to renounce in favour of other persons.