Article 128 of Companies Law

The invitation to the public to subscribe publicly for the company's shares shall be based on a subscription prospectus satisfying the particulars and procedures stipulated in the aforementioned Law No. 7 of 2010 and its Executive Regulations. The founders shall be jointly and severally liable for the accuracy of the particulars contained in the subscription prospectus. Article 129 (1) Subscription shall take place at one or more local banks in the State of Kuwait, or a branch of Kuwaiti banks or their representatives abroad, after obtaining the Central Bank's approval. The installments payable upon subscription shall be paid at the bank, and the amounts paid shall be credited to an account opened in the company's name. Subscription must remain open for a period of not less than twenty-one days and not more than three months. (1) The first paragraph was amended by Law No. 79 of 2019 Law Index 1488 Home Page Companies Law Law No. 1 of 2016 Promulgating the Companies Law