Chapter 4: Public Offerings of Company Securities
Part None: None
s110: Minimum interval before allotment or acceptance
- (1) No allotment of securities or acceptance of an offer in respect of securities of a company may be made in pursuance of a prospectus, and no proceedings may be taken on applications made in pursuance of a prospectus, until the beginning of the third day after that on which the prospectus is first issued or such later time, if any, specified in the prospectus.
- (2) The reference in subsection (1) to the day on which a prospectus was first issued:
- (a) is a reference to the day on which it is first issued as a newspaper advertisement;
- or
- (b) if it is not issued as a newspaper advertisement before the third day after the day on which it is first issued in any other manner, is a reference to the day on which it is first issued in that other manner.
- (3) A contravention of subsection (1) does not affect the validity of an allotment or acceptance.
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