50
CAP. 333
Securities
[1989 Ed.
(v) specifies whether, in the event of a person accepting the offer, the offeror will pay any stamp duty which that person will become liable to pay in respect of the contract note as a result of the transaction;
(vi) bears a date which is not more than 3 days before the date on which the offer is communicated;
(vii) if the offer relates to the acquisition of securities, satisfies the requirements of Schedule 1;
(viii) if the offer relates to the disposal of securities satisfies the requirements of Schedule 2;
(ix) where a report of an expert in connection with the offer is included in or annexed to the offer, contains a statement to the effect that the expert has consented to the inclusion or annexure, and has not, before the communication of the offer, withdrawn that consent;
(c) the offer includes a translation, as the case requires, in the Chinese or English language of all the particulars required under paragraph (b), except where the Commission has previously agreed that the requirements of this paragraph may be dispensed with in any particular case. (Amended 10 of 1989 s. 65)
(2) A document containing an offer to which subsection (1) relates which includes a statement purporting to be made by an expert shall not be communicated unless the expert has given and has not, before communication of a copy of the offer, withdrawn his written consent to the communication of the offer with the inclusion of the statement in the form and context in which it is included.
(3) Subject to subsection (5), any dealer who communicates an offer for the acquisition or disposal of securities without having complied with subsections (1) and (2) shall be guilty of an offence and shall be liable on conviction to a fine of $10,000.
(4) Where any person has accepted an offer for the disposal or acquisition of securities under this section and the offer has been made without the requirements of subsections (1) and (2) having been complied with in a material particular, that person may, subject to the rights of any bona fide purchaser of the securities for value, rescind the acceptance, by notice in writing, within 14 days after the date of the acceptance. (Replaced 62 of 1976 s. 20)
(5) Without prejudice to the provisions of section 3, this section does not apply to-
(a) any offer to dispose of securities of a corporation to persons who already hold securities of that corporation;
(b) any offer by a dealer if the offer is made to a person with whom, or on whose behalf, the dealer has transacted the sale or purchase of securities on at least 3 occasions during the period of 3 years immediately preceding the offer;