CmaBylaw
Executive Bylaws
5-34 Of Module Eleven: Dealing in Securities
Section: Chapter Five: Securities Subscription
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Sunday, 12 February 2017
Securities not paid in full shall be registered in the name of the Subscription Agent and their payments shall be made in full by transferring such payments to the subscription account. In the event that the Issuer or Subscription Agent denies that the Securities value is paid in full, the certificate issued by the bank where the account referred-to is opened shall be relied upon for verification of payment. In the event that the subscriber fails to complete unpaid amount for his subscription by its due date, the Issuer shall request the Subscription Agent to sell the Securities on behalf of the subscriber, deposit the value of such sale in the account indicated in the previous paragraph of this article, transfer an amount which fulfils the unpaid value of Securities to the Issuer’s account and deliver the rest of the value, if any, of the sale to the subscriber.
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