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Director of the privilege to issue stock in a company that has seriously eroded by the action. 32D section now prohibits the Director made any power of the company issuing the stock unless the power is made with the prior approval of the company in general meeting. A ban applies, any company stock, contrary to statutory provisions will be disabled and the consideration for the shares will be restored accordingly. More importantly, a Director of the company who knowingly contravenes, or permits or allow contrary to the prohibition is liable to indemnify the company and left with the prohibition is liable to indemnify the company and the person to whom the shares are issued for any loss , damage or cost that the company or person that can be sustained or arising from it
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