Corporations Act 2001
CHAPTER 6D
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FUNDRAISING
PART 6D.3
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PROHIBITIONS, LIABILITIES AND REMEDIES (OTHER THAN FOR CSF OFFERS)
A person does not commit an offence against subsection 728(3), and is not liable under section 729 for a contravention against subsection 728(1), because of a misleading or deceptive statement in, or an omission from, a disclosure document if the person proves that they placed reasonable reliance on information given to them by:
(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. 733(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. Withdrawal of consent - statements and omissions 733(3)
A person who is named in a disclosure document as:
(a) being a proposed director or underwriter; or
(b) making a statement included in the document; or
(c) making a statement on the basis of which a statement is included in the document;
A person does not commit an offence against subsection 728(3), and is not liable under section 729 for a contravention of subsection 728(1), because of a new circumstance that has arisen since the disclosure document was lodged if the person proves that they were not aware of the matter.
Division 1
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Prohibitions and liabilities
SECTION 733
GENERAL DEFENCES FOR ALL DISCLOSURE DOCUMENTS
Reasonable reliance on information given by someone else
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statements and omissions
733(1)
A person does not commit an offence against subsection 728(3), and is not liable under section 729 for a contravention against subsection 728(1), because of a misleading or deceptive statement in, or an omission from, a disclosure document if the person proves that they placed reasonable reliance on information given to them by:
(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. 733(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. Withdrawal of consent - statements and omissions 733(3)
A person who is named in a disclosure document as:
(a) being a proposed director or underwriter; or
(b) making a statement included in the document; or
(c) making a statement on the basis of which a statement is included in the document;
does not commit an offence against subsection 728(3), and is not liable under section 729 for a contravention against subsection 728(1), because of a misleading or deceptive statement in, or an omission from, a disclosure document if the person proves that they publicly withdrew their consent to being named in the document in that way.
Unawareness of new matter 733(4)A person does not commit an offence against subsection 728(3), and is not liable under section 729 for a contravention of subsection 728(1), because of a new circumstance that has arisen since the disclosure document was lodged if the person proves that they were not aware of the matter.
[ CCH Note: S 733(4) will be amended by No 69 of 2020, s 3, Sch 1[1123], by inserting " with the Registrar " after " lodged " , (effective 22 June 2022 or a day or days to be fixed by Proclamation).]
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