sec.466Restrictions on advertising and publicity—shares (cf Corporations Act s 734 )

sec.466 Restrictions on advertising and publicity—shares (cf Corporations Act s 734 )

A person must not— advertise; or publish a statement that directly or indirectly refers to; an offer, or intended offer, of shares in a participating co-operative that is a distributing co-operative within the meaning of the relevant corresponding co-operatives law of another jurisdiction unless— a current disclosure statement relating to the shares is— registered with the Registrar for the other jurisdiction under a provision of that corresponding co-operatives law that corresponds to section 68 ; or lodged with that Registrar for registration under that provision; and any other applicable requirements specified in the National Regulations for the purposes of this section are complied with. Maximum penalty—$1,000. Subsection (1) applies in relation to shares in a distributing co-operative only if— the shares are offered to persons who are not shareholders in the co-operative; or the invitation is made to persons who are not shareholders in the co-operative. 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— publishing a newspaper or magazine; or 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. An offence based on subsection (1) is an offence of strict liability. (sec.466-ssec.1) A person must not— advertise; or publish a statement that directly or indirectly refers to; an offer, or intended offer, of shares in a participating co-operative that is a distributing co-operative within the meaning of the relevant corresponding co-operatives law of another jurisdiction unless— a current disclosure statement relating to the shares is— registered with the Registrar for the other jurisdiction under a provision of that corresponding co-operatives law that corresponds to section 68 ; or lodged with that Registrar for registration under that provision; and any other applicable requirements specified in the National Regulations for the purposes of this section are complied with. Maximum penalty—$1,000. (sec.466-ssec.2) Subsection (1) applies in relation to shares in a distributing co-operative only if— the shares are offered to persons who are not shareholders in the co-operative; or the invitation is made to persons who are not shareholders in the co-operative. (sec.466-ssec.3) 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— publishing a newspaper or magazine; or 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. (sec.466-ssec.4) An offence based on subsection (1) is an offence of strict liability.