82 (1) If an offering statement or a statement of material change contains a misrepresentation, a purchaser of a security shall be deemed to have relied upon the misrepresentation if it was a misrepresentation when the purchase was made.  1994, c. 11, s. 82 (1). Exception (2) Subsection (1) does not apply if the purchaser knew about the misrepresentation when purchasing the security.  1994, c. 11, s. 82 (2). Right of action (3) The purchaser has a right of action for damages against, (a) the credit union; (b) every person, other than an employee of a credit union, who sells the security on behalf of the credit union; (c) every director of the credit union at the time the offering statement or statement of material change was filed with the Chief Executive Officer; (d) every person whose consent has been filed pursuant to a requirement of the regulations but only with respect to reports, opinions or statements that have been made by them; and (e) every person who signed the offering statement or statement of material change other than the persons included in clauses (a) to (d).  1994, c. 11, s. 82 (3); 1997, c. 28, s. 53; 2018, c. 8, Sched. 7, s. 5. Same (4) If the purchaser purchased the security from a credit union, the purchaser may elect to exercise a right of rescission against the credit union, in which case the purchaser has no right of action for damages against the credit union.  1994, c. 11, s. 82 (4). Defence (5) A person who signed the disclosure certificate required under subsection 77 (4) or a director is not liable under this section if the person proves one of the following: 1. The offering statement or statement of material change was filed with the Chief Executive Officer without the person’s knowledge or consent. As soon as the person became aware that it had been filed with the Chief Executive Officer, the person advised the Chief Executive Officer that it was filed with the Chief Executive Officer without the person’s knowledge or consent. 2. The person was not aware of the misrepresentation when the offering statement or material change statement was filed with the Chief Executive Officer. After the receipt for the statement was issued but before the purchaser bought the security, the person immediately after the person became aware of the misrepresentation advised the Chief Executive Officer that the person withdrew consent to the filing of the statement with the Chief Executive Officer. 3. The person had no reasonable grounds to believe, and did not believe, that there had been a misrepresentation.  1994, c. 11, s. 82 (5); 1997, c. 19, s. 5 (3); 1997, c. 28, s. 53; 1999, c. 12, Sched. I, s. 2 (4); 2007, c. 7, Sched. 7, s. 54; 2018, c. 8, Sched. 7, s. 5. Interpretation (6) In this section, “misrepresentation” means, (a) an untrue statement of material fact, or (b) an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made.  1994, c. 11, s. 82 (6). Section Amendments with date in force (d/m/y) 1997, c. 19, s. 5 (3) - 10/10/1997; 1997, c. 28, s. 53 - 01/07/1998; 1999, c. 12, Sched. I, s. 2 (4) - 22/12/1999 2007, c. 7, Sched. 7, s. 54 (1, 2) - 01/10/2009 2018, c. 8, Sched. 7, s. 5 - 08/06/2019 Restriction on Commission for Purchase or Sale