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Law No: 10/96 (An Unofficial Translation)
Effect of change in company status
22. If a company changes
its status from a private to a public company or from a public to a private
company in accordance with section 20 and 21 of this Act, it shall in no
way affect the rights, or obligations of the company nor shall it affect
a proposed contract or subsisting contracts or to any legal proceedings
by or against the company.
Sale of shares to the public
23. (a) Companies other than those registered under this Act as public companies shall not sell shares to the public.
(b) Sale of shares to the public shall mean that the company’s share may be purchases by any person of the public, and that the shares of the company are freely transferable from one person to another without the approval of the company.
Prospectus
24. A public company can only sell shares to the public after issuing a prospectus in accordance with this Act and regulations promulgated under this Act with prior approval of the registrar of companies.
