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







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