78
CAP. 155]
Fraudulent inducement to make a deposit.
Liability in tort for inducing persons to make a deposit in certain cases.
Banking
[1987 Ed.
(6) Where any advertisement or invitation, or any document containing any advertisement or invitation, relates to the taking of any deposit and the taking of any such deposit is not, by virtue of section 3(1) or (2), a taking to which Part III applies then, to the extent that such advertisement, invitation or document, as the case may be, relates to the taking of any such deposit, this section shall not apply to such advertisement, invitation or document, as the case may be. (Added 64 of 1987, s. 24)
93. (1) Any person who, by any fraudulent or reckless misrepresentation, induces another person-
(a) to make a deposit with him or any other person; or
(b) to enter into or to offer to enter into any agreement to make a deposit with him or any other person,
commits an offence and is liable on conviction upon indictment to a fine of $1,000,000 and to imprisonment for 7 years.
(2) For the purposes of subsection (1), “fraudulent or reckless misrepresentation" means-
(a) any statement-
(i) which, to the knowledge of the maker of the statement, was false, misleading or deceptive; or
(ii) which was false, misleading or deceptive and was made recklessly;
(b) any promise-
(i) which the maker of the promise had no intention of fulfilling;
(ii) which, to the knowledge of the maker of the promise, was not capable of being fulfilled; or
(iii) which was made recklessly;
(c) any forecast-
(i) which, to the knowledge of the maker of the forecast, was not justified on the basis of facts known to him at the time when he made it; or
(ii) which was not justified on the facts known to the maker of the forecast at the time when he made it and was made recklessly; or
(d) any statement or forecast from which the maker intentionally or recklessly omitted a material fact with the result that the statement or forecast was thereby rendered false, misleading or deceptive.
94. (1) Any person who, by any fraudulent, reckless or negligent misrepresentation, induces another person to make a deposit with him or any other person shall be liable to pay compensation to the person so induced for any pecuniary loss that such person has sustained by reason of his reliance on that misrepresentation.
78
CAP. 155]
Fraudulent inducement to make a deposit.
Liability in tort for inducing persons to make a deposit in certain cases.
Banking
[1987 Ed.
(6) Where any advertisement or invitation, or any document containing any advertisement or invitation, relates to the taking of any deposit and the taking of any such deposit is not, by virtue of section 3(1) or (2), a taking to which Part III applies then, to the extent that such advertisement, invitation or document, as the case may be, relates to the taking of any such deposit, this section shall not apply to such advertisement, invitation or document, as the case may be. (Added, 64 of 1987, s. 24)
93. (1) Any person who, by any fraudulent or reckless mis- representation, induces another person-
(a) to make a deposit with him or any other person; or
(b) to enter into or to offer to enter into any agreement to
make a deposit with him or any other person,
commits an offence and is liable on conviction upon indictment to a fine of $1,000,000 and to imprisonment for 7 years.
(2) For the purposes of subsection (1), “fraudulent or reckless misrepresentation" means-
(a) any statement-
(i) which, to the knowledge of the maker of the state- ment, was false, misleading or deceptive; or
(ii) which was false, misleading or deceptive and was made recklessly;
(b) any promise
(i) which the maker of the promise had no intention of fulfilling:
(ii) which, to the knowledge of the maker of the promise, was not capable of being fulfilled; or
(iii) which was made recklessly;
(c) any forecast--
(i) which, to the knowledge of the maker of the fore- cast, was not justified on the basis of facts known to him at the time when he made it; or
(ii) which was not justified on the facts known to the maker of the forecast at the time when he made it and was made recklessly; or
(d) any statement or forecast from which the maker intention- ally or recklessly omitted a material fact with the result that the statement or forecast was thereby rendered false, misleading or deceptive.
94. (1) Any person who, by any fraudulent, reckless or negli- gent misrepresentation, induces another person to make a deposit. with him or any other person shall be liable to pay compensation to the person so induced for any pecuniary loss that such person has sustained by reason of his reliance on that misrepresentation.
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