1 . The SCA shall review the MOA and AOA of the company, the economic feasibility of the venture to be established by the company and the proposed schedule for its implementation, the Prospectus and any approvals by the competent authorities in relation to the application in accordance with the applicable requirements of the SCA. 2. The SCA shall consider the incorporation application and shall notify the Founders Committee of its observations on the incorporation application and its supporting documents within 10 [ten] business days of the date of filing a complete application or of the date on which the valuator appointed by the SCA presents his final report on the valuation of the in-kind contributions, if any. The Founders Committee shall complete any deficiencies or make such amendments as the SCA may deem necessary to complete the incorporation application, within fifteen [15] business days of the notification date, failing which, the SCA may consider the same as waiver of the incorporation application. 3. The SCA shall send a copy of the application and its supporting documents to the Competent Authority within 10 [ten] business days of the date of filing a complete application, in order to be considered. A Joint Committee comprising members from both the SCA and the Competent Authority and formed under an administrative resolution issued by the SCA, shall convene within 10 [ten] business days of the date of sending the application to the Competent Authority. If the Competent Authority has any observations, the SCA shall notify the Founders Committee of the same, and the latter shall have 10 [ten] business days to complete any deficiencies or to make such amendments as the Competent Authority may require for completing the incorporation application, within ten [10] business days of the date of notification of the Founders Committee. Failing which, the SCA may consider the same as waiver of the incorporation application. After verifying that all the documents are complete and that all observations have been rectified, the SCA shall send an amended copy to the Competent Authority. 4. If the Joint Commission rejects the incorporation application or if the time limit referred to in Clause [3] of this Article expires without a decision, the Founders Committee may appeal against the rejection decision before the competent Federal Court within thirty [30] days of the date on which it is notified of the rejection decision, or of the date on which such time limit expires in the absence of a decision approving the incorporation of the company.
Interpretation and application must be checked against the official text and current version.