Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p141
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 141/212)
Character Range: 371594–374251

was lodged and before any allotment, issue or sale under the prospectus, the person, on becoming aware of the false or misleading statement, withdrew the person's consent in writing and gave reasonable public notice of the withdrawal and of the reasons for the withdrawal; or

     (b) that the person was competent to make the statement and, after making such inquiries (if any) as were reasonable, had reasonable grounds to believe, and did until the time of the allotment, issue or sale of the securities believe, that the statement was true and not misleading.".

Subsection 1010 (1):

Omit ", or a person referred to in paragraph 1006 (2) (h) who has authorised or caused the issue of,".

Section 1010:

  Add at the end:

"(3) A person who has authorised or caused the issue of part only of a prospectus is not liable in an action under section 1005 in respect of a false or misleading statement in, or an omission from, the prospectus if it is proved that:

     (a) the statement was not included in, or the matter was not omitted from, that part of the prospectus; or

     (b) in the case of a statement—the statement was not included in, or substantially in, the form and context that the person had agreed to.

"(4) For the purposes of subsection (3), a person is not taken to have authorised or caused the issue of part only of a prospectus unless the prospectus includes an express statement that the person authorised or caused the issue of that part only.".

Subsection 1011 (1):

Omit "or a person referred to in paragraph 1006 (2) (d), (f) or (j)", substitute ", a person referred to in paragraph 1006 (2) (d) or (f) or a person who authorised or caused the issue of the prospectus".

Subsections 1018 (3) and (4):

  Omit the subsections.

Subsection 1018 (5):

Omit "an offer or invitation relating to securities in a class of securities of a corporation that are listed for quotation on a stock market of a securities exchange", substitute "an offer for purchase of, or an invitation to buy, issued securities that are in a class of listed securities of a corporation".

SCHEDULE 3—continued

Section 1018:

  Add at the end:

  "(7) In this section:

'issued securities' means securities issued before, at or after the commencement of this section;

'listed securities' means securities listed for quotation on a stock market of a stock exchange.

  "(8) Subsections (2) and (5) do not apply in relation to:

  (a) an offer to which section 1030 relates; or

     (b) an invitation that, because of subsection 1030 (7), is taken to be such an offer.".

Subsection 1022 (2):

  Omit the subsection, substitute:

"(2) The information to