467Restrictions on advertising and publicity—debentures or CCUs

467 Restrictions on advertising and publicity—debentures or CCUs

467 Restrictions on advertising and publicity—debentures or CCUs

(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 or CCUs in a participating co-operative unless—

(c) a disclosure statement relating to the debentures or CCUs is approved under a provision of the relevant corresponding co-operatives law of another jurisdiction that corresponds to section 338 by the Registrar for the other jurisdiction; and

(d) any other applicable requirements specified in the National Regulations for the purposes of this section are complied with.

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.