Companies Act Section 41 — Global depository receipt

CHAPTER III PROSPECTUS AND ALLOTMENT OF SECURITIES

Commercial / Corporate

Summary

A company is allowed to issue depository receipts in any foreign country, but only after its shareholders approve the move through a special resolution passed at a general meeting. The specific way these receipts are issued, and any conditions attached to them, will be set out in rules prescribed by the authorities.

Official Text

A company may, after passing a special resolution in its general meeting, issue depository receipts in any foreign country in such manner, and subject to such conditions, as may be prescribed. PART II.—Private placement