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CS Professional · Strategic Management and Corporate Finance · An Overview on Listing and Issuance of Securities in International Financial Services Centre

A draft notification under Section 31 has been laid before Parliament for thirty days. Before the expiry of the session immediately following, both Houses agree to make a modification in it. What is the result?

The notification is issued only in the modified form agreed by both Houses. Section 31(2) provides that where both Houses agree on a modification before the expiry of the following session, the notification issues in that modified form. Only joint disapproval stops it altogether.

  1. AThe notification is issued only in the modified form agreed by both HousesCorrect
  2. BThe notification is issued in its original form, since modification needs the Authority's consent
  3. CThe notification is never issued, because any modification amounts to disapproval
  4. DThe notification is issued in original form, with the modification applying after one year

Explanation

Under Section 31(2), if both Houses agree in disapproving, the notification is not issued; if both agree in making a modification, it is issued only in the modified form agreed. Option three confuses modification with disapproval.

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