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Wednesday, November 1, 1972
It will be prohibited to include in a prospectus an expert's statement that is the statement of an accountant, valuer, engineer and so on - unless he has consented in writing.
A prospectus must be registered with the Registrar of Companies and he can refuse such registration, in which case, the prospectus cannot be published as it would not comply in all respects with the statutory requirements. If a prospectus is accepted for registration, this will merely mean that it has met all the statutory requirements for publication.
In order to give potential investors an opportunity to digest the information in a prospectus and seek professional advice if they wish, at least two days must elapse between the issue of a prospectus and the opening of the subscription lists.
Criminal sanctions and civil liability will attach to anyone including experts, responsible for mis-statements in prospectuses.
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