339Restrictions on advertising and publicity

339 Restrictions on advertising and publicity

339 Restrictions on advertising and publicity

(1) A person must not—

(a) advertise; or

(b) publish a statement that directly or indirectly refers to;

an offer, or intended offer, of debentures in a co-operative unless a disclosure statement relating to the debentures is approved by the Registrar under section 338.

Maximum penalty—$1,000.

(2) A person does not contravene subsection (1) by publishing an advertisement or statement if they publish it in the ordinary course of a business of—

(a) publishing a newspaper or magazine; or

(b) broadcasting by radio or television;

and the person did not know and had no reason to suspect that its publication would amount to a contravention of a provision of that subsection.

(3) An offence based on subsection (1) is an offence of strict liability.