Document ID: chunk:federal_register_of_legislation:C2004A02530:body:0:p12
Version: federal_register_of_legislation:C2004A02530
Segment Type: other
Provision Reference: 
Character Range: 28624–31441

the issue of the debenture does not expressly contain the covenants".

Obligations of borrowing corporation
42. Section 158 of the Principal Act is amended—
    (a) by omitting from sub-section (18) "within the prescribed time," and substituting "within the period, or at the date, specified in the sub-section concerned,"; and
    (b) by inserting in sub-section (19) "inclusive," after "(16),".

Statement to be issued
43. Section 170 of the Principal Act is amended by omitting sub-sections (1), (2) and (3) and substituting the following sub-sections:
"(1) A company or an agent of a company shall not issue to the public, offer to the public for subscription or purchase, or invite the public to subscribe for or purchase, any prescribed interest unless a statement in writing in relation to that prescribed interest has been registered by the Commission under Division 1.
"(2) For the purposes of the registration of the statement referred to in sub-section (1), and for all other purposes, the statement shall be deemed to be a prospectus issued by a company.
"(3) Subject to sub-sections (4) and (5), all provisions of this Act and rules of law relating to—
    (a) prospectuses;
    (b) the offering or intended offering to the public of shares for subscription or purchase;
    (c) the inviting or intended inviting of the public to subscribe for or purchase shares; and
    (d) the issuing or intended issuing of forms of application for shares,
shall, with such adaptations as are necessary, apply and have effect in relation to prescribed interests as if—
(e) the prescribed interests were shares that were offered or intended to be offered to the public for subscription or purchase or that the public were invited or intended to be invited to subscribe for or purchase;
    (f) persons accepting any offers or making offers pursuant to any invitation in respect of, or subscribing for or purchasing, any such prescribed interests were subscribers for shares;
    (g) the references in paragraph 99 (4) (a) to the corporation were references to the financial or business undertaking or scheme, the common enterprise or the investment contract to which the statement relates;
    (h) the reference in sub-paragraph 99 (4) (a) (iv) to the directors of the corporation were a reference to the management company for the prescribed interest and the directors of that company; and
    (j) the reference in sub-paragraph 99 (4) (a) (vi) to debentures were a reference to prescribed interests and the reference in that sub-paragraph to the trustee for the debenture holders were a reference to the trustee for, or representative of, the holders of the prescribed interests.".

Certain charges void against liquidator or official manager
44. Section 205 of the Principal Act is amended—
    (a) by omitting from