Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p140
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 140/212)
Character Range: 369020–371838

occurring).

Subparagraph 590 (1) (c) (i):

  Insert "fraudulently" before "concealed".

Subparagraph 590 (1) (c) (v):

  Insert "fraudulently" before "pawned".

Paragraph 590 (1) (d):

  Insert "fraudulently" before "makes".

Subsections 590 (2), (3) and (4):

  Omit the subsections.

Subsection 591 (1):

  Omit "subsection", substitute "section".

Section 591:

  Add at the end:

"(3) A person who has been convicted of an offence under section 289 constituted by a particular act or omission is not liable to be prosecuted for, or convicted of, an offence under this section constituted by the same act or omission.

"(4) A person who has been convicted of an offence under section 289 constituted by a particular course of conduct (including a course of omissions) during a period is not liable to be prosecuted for, or convicted of, an offence under this section constituted by the same course of conduct during the same period or any part of it.".

Section 748:

  Repeal the section.

SCHEDULE 3—continued

Subsection 996 (1):

  Omit the subsection, substitute:

"(1) A person must not authorise or cause the issue of a prospectus in relation to securities of a corporation:

     (a) in which there is a material statement that is false or misleading; or

   (b) from which there is a material omission.".

Paragraph 996 (2) (a):

  Omit the paragraph.

Subsection 1006 (1):

  Omit the subsection, substitute:

"(1) This section applies for the purposes of an action under section 1005 in respect of conduct being the issue of a prospectus in relation to securities of a corporation:

     (a) in which there is a material statement that is false or misleading; or

   (b) from which there is a material omission.".

Subsection 1006 (2):

Omit "Subject to this section, the action may be brought against all or any of the following persons:", substitute "The reference in subsection 1005 (1) to any person involved in the contravention includes a reference to all or any of the following persons:".

Paragraph 1006 (2) (j):

  Omit the paragraph.

Subsection 1006 (3):

  Omit "For the purposes of paragraph (2) (j), a", substitute "A".

Section 1007:

Insert ", or a person who authorised or caused the issue of the prospectus," after "subsection 1006 (2)".

Subsection 1009 (2):

  Omit "(f),".

Section 1009:

  Add at the end:

"(4) A person referred to in paragraph 1006 (2) (g) or (h) is not liable in an action under section 1005 in respect of a false or misleading statement if it is proved:

SCHEDULE 3—continued

     (a) that, after the prospectus 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