On 20/06/2013,
you requested for the version in force on 20/06/2013
incorporating all amendments published on or before 20/06/2013.
The closest version currently available is that of 18/04/2013.
257.
—(1) Subsection (2) applies where —
(a)
an entity allots or agrees to allot to any person any securities of the entity with a view to all or any of them being subsequently offered for sale to another person; and
(b)
such offer (referred to in this section as a subsequent offer) does not qualify for an exemption under Subdivision (4) of this Division (other than section 280).
[1/2005]
(2) Any document by which the subsequent offer is made shall for all purposes be deemed to be a prospectus issued by the entity, and the entity shall for all purposes be deemed to be the person making the offer, and all written laws and rules of law as to the contents of prospectuses and to liability in respect of statements and non-disclosure in prospectuses, or otherwise relating to prospectuses, shall apply and have effect accordingly as if —
(a)
an offer of securities has been made; and
(b)
persons accepting the subsequent offer in respect of any securities were subscribers therefor,
but without prejudice to the liability, if any, of the persons making the subsequent offer, in respect of statements or non-disclosures in the document or otherwise.
[16/2003; 1/2005]
(3) For the purposes of this Act, it shall, unless the contrary is proved, be sufficient evidence that an allotment of, or an agreement to allot, securities was made with a view to the securities being subsequently offered for sale if it is shown —
(a)
that an offer of the securities or of any of them for sale was made within 6 months after the allotment or agreement to allot; or
(b)
that at the date when the offer was made the whole consideration to be received by the entity in respect of the securities had not been so received.
[1/2005]
(4) The requirements of this Division as to prospectuses shall have effect as though the persons making the subsequent offer were persons named in the prospectus as directors or equivalent persons of the entity.
[1/2005]
(5) In addition to complying with the other requirements of this Division, the document making the subsequent offer shall state —
(a)
the net amount of the consideration received or to be received by the entity in respect of the securities being offered; and
(b)
the place and time at which a copy of the contract under which the securities have been or are to be allotted may be inspected.
[1/2005]
[Companies, s. 52]