SECTION 90

The draft prospectus shall be submitted for the approval of the stock exchange control authority of the State Party in which the registered office of the issuer is located and, where necessary, where necessary, in the other State Parties in which the public calls for capital are made. Where there is no such authority, it shall be submitted to the minister in charge of finance of the said State Parties for endorsement. The said authorities shall ensure that the operation does not contain any irregularities and does not entail acts contrary to the interests of investors in the State Parties of the issuer’s registered office and, where necessary, in the other State Parties in which the public call is made. The authorities shall indicate the statements to be corrected or details to be included. They may also request explanations or justification, particularly as concerns the situation, activity and performance of the company. They may request that the auditors carry out further investigations at the expense of the company, or request a review by an independent expert designated with their approval, where they feel the auditors are not diligent enough. They may request that a warning drafted by them be included in the prospectus. They may also ask for appropriate guarantees in pursuance of Article 85 of this Uniform Act. The authorities referred to in this article shall grant the approval provided for in paragraph 1 within a period of one month following the date of acknowledgement of receipt of the prospectus. This time limit may be extended to two months where the authorities request further investigations. The acknowledgement of receipt of the prospectus shall be issued on the day the prospectus is received. Where the stock exchange control authority or, failing this, the minister in charge of finance decides not to grant the approval, the company shall be notified of the reasons therefor within the same time limit.