Liabilities in respect of prospectuses, Business Law and Ethics

Liabilities In Respect Of Prospectuses:

                            1. CRIMINAL LIABILITIES

i) Issuing a form of application unaccompanied by a full prospectus: a fine not exceeding Shs.10,000/- (S.40 (4).

ii)  Where a prospectus "includes any UNTRUE STATEMENTS":-

a)      Fine not exceeding Shs. 10,000/- or

b)      Imprisonment for a term not exceeding two years, or

c)      Both such fine and imprisonment S.46 (1)

iii) Knowingly issuing a prospectus containing a statement purporting to be made by an expert without the expert's consent to the issue thereof: fine not exceeding Shs. 10,000/- (S.42 (2).

iv)  S.43 (5) imposes a fine not exceeding Shs.100/- per day for:-

a)      Issuing a prospectus without delivering a signed copy thereof to the registrar for registration.

b)      Issuing a prospectus containing an expert's statement and delivering a signed copy thereof to the registrar for registration, but the copy so delivered does not have endorsed thereon (or attached thereto) the expert's consent to the issue of the prospectus,

c)      Issuing a prospectus and delivering a signed copy thereof to the registrar for registration, but the copy so delivered does not have endorsed thereon (or attached thereto)

i)              a copy of every material contract (or a memorandum thereof) or

ii)            a written statement signed by the named accountants or auditors indicating any adjustments to their reports and the reasons for the adjustments.

Posted Date: 1/12/2013 3:08:02 AM | Location : United States







Related Discussions:- Liabilities in respect of prospectuses, Assignment Help, Ask Question on Liabilities in respect of prospectuses, Get Answer, Expert's Help, Liabilities in respect of prospectuses Discussions

Write discussion on Liabilities in respect of prospectuses
Your posts are moderated
Related Questions
What is the composition of the legislature Given the composition of the legislature, the strategic voting, the possibility under which the policies and their economic outcomes

Munsami was driving his car registration number CB 713 from Nausori to wards Suva. He was travelling at 80kmph on 50kmph zone. At koronivia a taxi driven by Ram Raji of Koronivia,

Declaration and Payment: There is no provision in the Act dealing with payment of dividends. It is therefore governed by the provisions of the company's articles, failing whic

Question 1: (a) According to Archie Carroll what are the four interrelated aspects of corporate social responsibility? Use examples from the Mauritian context to illustrate you

Illegal Partnerships - Number of Partners However a partnership will be illegal in the following state of affairs: like;; (a)   Whether it is formed for an illegal purpose

The impact of behaviour on the policy agenda To see the impact of behaviour, on the policy agenda and outcomes, which is generally not apparent, one way is to focus on the basi

Register of Directors' Shareholdings: Section 196(1) requires every company to keep a register showing the number, description and amount of any shares or debentures which are

Q. Show Key considerations in defining phoenix activity? In determining an appropriate definition of phoenix activity, there are a range of considerations that must be accounte

When was concept of refugee expanded Refugee law encompasses international legal instruments including the following : The 1951 United Nations Convention relating to the Status

Remedies of the Ultra Vires Lender:                          In Sinclair v Brougham (26) the House of Lords explained that no action or suit lies at law or in equity to recove