Corporations Act 2001
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, 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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