11-25-2011, 11:04 PM
Well Mr Student of Law, would u mind telling me a Public Listed Co name, which is not having or does not have more than 7 members for 2 years?
Now
Sec 146(1)c
No amount is or may become liable to be repaid to "Applicants" for any shares or ... offered for public subscription. (A public listed co has to raise Minimum subscription before commencement of business... (The directors are not trillionaire unlike u) They have to float shares to raise min. subscription so the Co will definitely have more not less than 10 members in practical sense)
Sec 158(1)
Every Co. (including a Public Listed Co) shall hold an AGM within 18 months of its incorporation........ (So a public listed co must have not less than 10 members having not less than 25% voting power to hold that AGM.)
Theoretically what u think is possible but in real sense, i'm afraid, its not...
Student of "Law" u need some additional insight of LAW..
Regards!
Now
Sec 146(1)c
No amount is or may become liable to be repaid to "Applicants" for any shares or ... offered for public subscription. (A public listed co has to raise Minimum subscription before commencement of business... (The directors are not trillionaire unlike u) They have to float shares to raise min. subscription so the Co will definitely have more not less than 10 members in practical sense)
Sec 158(1)
Every Co. (including a Public Listed Co) shall hold an AGM within 18 months of its incorporation........ (So a public listed co must have not less than 10 members having not less than 25% voting power to hold that AGM.)
Theoretically what u think is possible but in real sense, i'm afraid, its not...
Student of "Law" u need some additional insight of LAW..
Regards!
