Face value of shares and application

(1) The face value of shares of a private company shall be as specified in its articles of association.

(2) The face value of shares of a public company shall be fifty rupees per share or shall be equivalent to such amount exceeding fifty rupees as is divisible by the figure ten as provided in the memorandum of association and articles of association.

(3) In inviting an application by a public company for the subscription of its shares, no amount exceeding fifty percent of the face value of each share shall be demanded with the application.

Provided, however, that in raising capital by a company which has been in operation since at least three years ago by publishing its audited financial statements for its last three years, at the time of publication of its prospectus, this provision shall not be applicable.

(4) A person who intends to subscribe the shares of a public company has to make an application in the format as prescribed.