3. Subscription Procedures
3.1 Subject to Articles (88) and (142) of the Commercial Companies Law, the subscription shall be open for a period not more than three months and if the issue is fully subscribed, then the issuer or underwriter has the right to close it.
3.2 Subject to Articles (87), (88) and (142) of the Commercial Companies Law, subscription for the Debt Securities shall take place through one or more paying agents that are licensed to operate in Bahrain or through one of their branches or representatives abroad, through underwriters or such other institutions which shall be approved by the Agency. The subscription amount must be deposited with the paying agent(s) and all the proceeds shall be credited to an account in the name of the issuer.
3.3 Subject to Articles (89) and (142) of the Commercial Companies Law, the application form shall be submitted to the paying agent(s) together with the requested amount. The receipt signed and issued by the paying agent(s) shall contain the name of the subscriber, his address, nationality, date of subscription, the number of securities subscribed and amount paid by him. The subscription shall be deemed finalized when the receipt has been issued and the subscriber shall not withdraw his subscription.
3.4 Subject to Articles (95) and (142) of the Commercial Companies Law, every subscription that occurs contrary to the effective laws, may invoke the intervention of the court for a declaration of nullity of the offending action, within 30 calendar days of the date on which the subscription period is over.
3.5 Subject to Article (144) of the Commercial Companies Law, if 50% or more of the Debt Securities offered for public subscription are covered during the specified period or any other period of extension of subscription, such subscription shall be deemed to have been completed, otherwise the issuer may either cancel the issue and refund the amount thereof to the subscribers or be satisfied with the number of subscribed Debt Securities and cancelling the balance.