sec.75General defences (cf Corporations Act s 733 )

sec.75 General defences (cf Corporations Act s 733 )

A person is not liable under this Division in relation to a contravention of section 72 because of a misleading or deceptive statement in, or an omission from, a disclosure statement if the person proves that they placed reasonable reliance on information given to them by— if the person is a body—someone other than a director, employee or agent of the body; or if the person is an individual—someone other than an employee or agent of the individual. For the purposes of subsection (1) , a person is not the agent of a body or individual merely because they perform a particular professional or advisory function for the body or individual. A person is not liable under this Division in relation to a contravention of section 72 because a disclosure statement is not current if the person proves that they were not aware of the circumstance or event that caused the statement to cease to be current. (sec.75-ssec.1) A person is not liable under this Division in relation to a contravention of section 72 because of a misleading or deceptive statement in, or an omission from, a disclosure statement if the person proves that they placed reasonable reliance on information given to them by— if the person is a body—someone other than a director, employee or agent of the body; or if the person is an individual—someone other than an employee or agent of the individual. (sec.75-ssec.2) For the purposes of subsection (1) , a person is not the agent of a body or individual merely because they perform a particular professional or advisory function for the body or individual. (sec.75-ssec.3) A person is not liable under this Division in relation to a contravention of section 72 because a disclosure statement is not current if the person proves that they were not aware of the circumstance or event that caused the statement to cease to be current.

• (a) if the person is a body—someone other than a director, employee or agent of the body; or
• (b) if the person is an individual—someone other than an employee or agent of the individual.