COMPANIES ACT - 1963 (ACT 179)

    Section - 281 - Waiting Period

    (1) For the purpose of this Code the expression "the waiting period" means a period of ten days after the first publication of a registered prospectus or such longer period as may be stated in the prospectus as the period prior to the expiration of which applications, offers or acceptances in response thereto will not be accepted or treated as binding:

    Provided that,

    (a) where the shares or debentures to which the invitation relates are dealt in on a stock exchange or where the prospectus states that application has been or will be made for permission to deal therein on any stock exchange, and

    (b) to comply with the requirements of that stock exchange it is necessary to advertise the prospectus in one or more newspapers,

    then the publication of the prospectus shall not be deemed to have occurred until the prospectus is so advertised.

    (2) No binding contract or legally enforceable obligation shall be entered into in response to any invitation to the public in respect of any shares or debentures of any public company until after the expiration of the waiting period, and any application, offer or acceptance by any person in response to the invitation shall be revocable by such person at any time prior to the expiration of the waiting period:

    Provided that nothing in this subsection shall invalidate any bona fide underwriting agreement in respect of any such shares or debentures.