sec.467Restrictions on advertising and publicity—debentures or CCUs

sec.467 Restrictions on advertising and publicity—debentures or CCUs

A person must not— advertise; or publish a statement that directly or indirectly refers to; an offer, or intended offer, of debentures or CCUs in a participating co-operative unless— 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 any other applicable requirements specified in the National Regulations for the purposes of this section are complied with. Maximum penalty—$1,000. 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.467-ssec.1) A person must not— advertise; or publish a statement that directly or indirectly refers to; an offer, or intended offer, of debentures or CCUs in a participating co-operative unless— 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 any other applicable requirements specified in the National Regulations for the purposes of this section are complied with. Maximum penalty—$1,000. (sec.467-ssec.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— 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.467-ssec.3) An offence based on subsection (1) is an offence of strict liability.

• (a) advertise; or
• (b) publish a statement that directly or indirectly refers to;
• (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.
• (a) publishing a newspaper or magazine; or
• (b) broadcasting by radio or television;