34Requirements as to contracts

34 Requirements as to contracts

34 Requirements as to contracts

(1) The requirements of this section with respect to a contract referred to in section 33 are that:

(a) the contract shall:

(i) be in writing,

(ii) be signed by the person who is acquiring the shares or option and executed by or on behalf of the company, and

(iii) be retained by the company,

(b) the contract shall contain a statement in or to the effect of the form set out in Part 1 of Schedule 1 which statement shall comply with Part 2 of that Schedule and be duly completed by or on behalf of the company in accordance with the instructions contained in that Schedule, and

(c) a copy of the contract, a copy of the form set out in Schedule 2 and a copy of the prospectus under which the shares are or will be allotted or the option is or will be granted shall be given to the person acquiring the shares or option at the time when the contract is entered into.

(2) If, in proceedings before any court, the court is satisfied that:

(a) a failure to comply with any requirement of subsection (1) is a failure of a minor nature which has not detrimentally affected the person acquiring the shares or option, and

(b) it would be just and equitable to dispense with the requirement,

the court may, subject to such conditions as it thinks fit to impose, dispense with that requirement for the purposes of those proceedings.