THE COMPANIES ORDINANCE, 1972

PART III

Interpretation of Parts I and II of this Schedule

28.  References in this Schedule to firm underwriting shall mean a contract or arrangement by which an underwriter applies for the whole or part of the shares or debentures which he underwrites to be allotted to him or to persons nominated by him, in any event.

29.  References in this Schedule to subscribing for shares or debentures shall include acquiring them from a person to whom they have been allotted or agreed to be allotted with a view to his offering them for sale, and references to subscription shall be construed accordingly.

30.  In the case of a company or its subsidiary or prospective subsidiary which has carried on business for less than five complete financial years, or in the case of a business which has been carried on for less than five complete financial years, the references in paragraphs 17 to 20 inclusive to the five financial years immediately preceding the issue of the prospectus shall be construed as references to the number of complete financial years immediately preceding the issue of the prospectus during which the company or its subsidiary or prospective subsidiary has carried on business, or (as the case may be) during which the business has been carried on.

31.  The expression "financial year" in this Schedule means the year in respect of which the accounts of the company, body corporate or overseas company or of the business (as the case may be) are made up, and where by reason of any alteration of the date on which the financial year terminates the accounts of the company, body corporate or overseas company or of the business have been made up for a period greater or less than a year, that greater or less period shall for the purpose of this Schedule be deemed to be a financial year.

32.  Any report required by this Schedule shall either indicate by way of note any adjustments as respects the figures of any profits or losses or assets and liabilities dealt with by the report which appear to the persons making the report necessary, or shall make those adjustments and indicate that adjustments have been made.