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Application money by subscribers of memorandum
Within what period subscribers of the memorandum are required to bring in application money in the company ??
Replies (2)
There is no direct provision in the Act which says about it. However, as per Section 56(4), the share certificate shall be issued to Subscribers within 60 days from the date of Incorporation. And Share Certificate can't be issued without receiving money. Hence, indirectly, the subscribers amount shall be received within 50-60 days, so that share certificates can be issued on time.
thank you sir
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