On 23/05/2013,
you requested for the version in force on 23/05/2013
incorporating all amendments published on or before 23/05/2013.
The closest version currently available is that of 18/04/2013.
242.
—(1) If a prospectus has been registered and —
(a)
the Authority is of the opinion that the prospectus contains a false or misleading statement;
(b)
there is an omission from the prospectus of any information that is required to be included in it under section 243;
(c)
the Authority is of the opinion that the prospectus does not comply with the requirements of this Act; or
(d)
the Authority is of the opinion that it is in the public interest to do so,
the Authority may by an order in writing (referred to in this section as a stop order) served on the person making the offer of securities to which the prospectus relates direct that no or no further securities be allotted, issued or sold.
[16/2003; 1/2005]
(2) If a profile statement has been registered and —
(a)
the Authority is of the opinion that the profile statement contains a false or misleading statement;
(b)
there is an omission from the profile statement of any information that is required to be included in it under section 246;
(c)
the Authority is of the opinion that the profile statement does not comply with the requirements of this Act; or
(d)
the Authority is of the opinion that it is in the public interest to do so,
the Authority may by an order in writing (referred to in this section as a stop order) served on the person making the offer of securities to which the profile statement relates direct that no or no further securities be allotted, issued or sold.
[16/2003; 1/2005]
(3) Notwithstanding subsections (1) and (2), the Authority shall not serve a stop order if any of the securities to which the prospectus or profile statement relates has been issued or sold, and listed for quotation on a securities exchange and trading in them has commenced.
[1/2005]
(4) The Authority shall not serve a stop order under subsection (1) or (2) without giving the person making the offer an opportunity to be heard, except that an opportunity to be heard need not be given if the stop order is served on the ground that it is in the public interest to do so on the basis of any of the following circumstances:
(a)
the person making the offer (being an entity), the issuer or, where applicable, the underlying entity is in the course of being wound up or otherwise dissolved, whether in Singapore or elsewhere;
(aa)
the person making the offer (being an individual) is an undischarged bankrupt, whether in Singapore or elsewhere;
(b)
a receiver, a receiver and manager or an equivalent person has been appointed, whether in Singapore or elsewhere, in relation to or in respect of any property of the person making the offer (being an entity), the issuer or, where applicable, the underlying entity.
[16/2003; 1/2005]
(5) Where applications to subscribe for securities to which the prospectus or profile statement relates have been made prior to the stop order, then —
(a)
where the securities have not been issued to the applicants —
(i)
the applications shall be deemed to have been withdrawn and cancelled; and
(ii)
the person making the offer shall, within 14 days from the date of the stop order, pay to the applicants all moneys the applicants have paid on account of their applications for the securities; or
(b)
where the securities have been issued to the applicants —
(i)
the issue of the securities shall be deemed to be void; and
(ii)
the person making the offer shall, within 14 days from the date of the stop order, pay to the applicants all moneys paid by them for the securities.
[1/2005]
(6) Subsection (5)(b) has effect notwithstanding sections 76 and 76A, and Division 3A of Part IV, of the Companies Act (Cap. 50).
[42/2005]
(7) Where applications to purchase securities to which the prospectus or profile statement relates have been made prior to the stop order, then —
(a)
where the securities have not been transferred to the applicants —
(i)
the applications shall be deemed to have been withdrawn and cancelled; and
(ii)
the person making the offer shall, within 14 days from the date of the stop order, pay to the applicants all moneys the applicants have paid on account of their applications for the securities; or
(b)
where the securities have been transferred to the applicants, the sale shall be deemed to be void, and the person making the offer shall —
(i)
if documents purporting to evidence title to the securities have been issued to the applicants —
(A)
within 7 days from the date of the stop order, inform the applicants to return such documents to the person making the offer within 14 days from that date; and
(B)
within 7 days from the date of the receipt of those documents or the date of the stop order, whichever is the later, pay to the applicants all moneys paid by them for the securities; or
(ii)
if no such documents have been issued to the applicants, within 7 days from the date of the stop order, pay to the applicants all moneys paid by them for the securities.
[1/2005]
(8) If the Authority is of the opinion that any delay in serving a stop order pending the holding of a hearing required under subsection (4) is not in the interests of the public, the Authority may, without giving an opportunity to be heard, serve an interim stop order on the person making the offer directing that no or no further securities to which the prospectus or profile statement relates be allotted, issued or sold.
[1/2005]
(9) An interim stop order shall, unless revoked by the Authority, be in force —
(a)
in a case where —
(i)
it is served during a hearing under subsection (4); or
(ii)
a hearing under subsection (4) is commenced while it is in force,
until the Authority makes an order under subsection (1) or (2); and
(b)
in any other case, for a period of 14 days from the day on which the interim stop order is served.
[16/2003]
(10) Subsections (5) and (7) shall not apply where only an interim stop order has been served.
(11) Any person who fails to comply with a stop order served under subsection (1) or (2) or an interim stop order served under subsection (8) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $150,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $15,000 for every day or part thereof during which the offence continues after conviction.
(12) Any person who contravenes subsection (5) or (7) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part thereof during which the offence continues after conviction.
(13) For the purposes of subsections (1)(a) and (2)(a), any reference to a statement shall include a reference to any information presented, regardless of whether such information is in text or otherwise.
[1/2005]
[Aust. Corporations 2001, s. 739]