Document ID: chunk:federal_register_of_legislation:C2014A00100:clause:1_52
Version: federal_register_of_legislation:C2014A00100
Segment Type: clause
Provision Reference: sch 1 cl 52
Character Range: 35889–37931

52  At the end of section 1308
Add:
 (10) For the purposes of subsection (4), a person is taken to have taken reasonable steps to ensure that a statement was not false or misleading in a material particular if the person proves that:
 (a) the person made all inquiries (if any) that were reasonable in the circumstances; and
 (b) after doing so, the person believed on reasonable grounds that the statement was not misleading in a material particular.
 (11) For the purposes of subsection (4), a person is taken to have taken reasonable steps to ensure that a document did not omit any matter or thing without which the document would be misleading in a material respect if the person proves that:
 (a) the person made all inquiries (if any) that were reasonable in the circumstances; and
 (b) after doing so, the person believed on reasonable grounds that there was no such omission.
 (12) For the purposes of subsection (4), a person is taken to have taken reasonable steps to ensure that a statement was not false or misleading in a material particular if the person proves that:
 (a) the person relied on information given to the person by:
 (i) if the person is a body—someone other than a director, employee or agent of the body; or
 (ii) if the person is an individual—someone other than an employee or agent of the individual; and
 (b) the reliance placed on that information by the person was reasonable in all the circumstances.
 (13) For the purposes of subsection (4), a person is taken to have taken reasonable steps to ensure that a document did not omit any matter or thing without which the document would be misleading in a material respect if the person proves that:
 (a) the person relied on information given to the person by:
 (i) if the person is a body—someone other than a director, employee or agent of the body; or
 (ii) if the person is an individual—someone other than an employee or agent of the individual; and
 (b) the reliance placed on that information by the person was reasonable in all the circumstances.