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PART IV
SHARES, DEBENTURES AND CHARGES
Division 1 — Prospectuses
43 to 56. (Repealed by S 236/2002)
Division 2 — Restrictions on allotment and commencement of business
Prohibition of allotment unless minimum subscription received
57. (Repealed by S 236/2002)
Application and moneys to be held by the company in trust in a separate bank
account until allotment
58. ( Repealed by S 236/2002)
Restriction on allotment in certain cases
59. —(1) A public company having a share capital which does not issue a
prospectus on or with reference to its formation shall not allot any of its shares or
debentures unless, at least 3 days before the first allotment of either shares or
debentures, there has been lodged with the Registrar a statement in lieu of
prospectus which complies with the requirements of this Act.
(2) If default is made in complying with this section the company and every officer
of the company who is in default shall be guilty of an offence and shall be liable on
conviction to a fine not exceeding $5,000 or to imprisonment for a term not
exceeding 12 months.
[15/84]
(3) Every director of a company who knowingly contravenes or permits or
authorises the contravention of subsection (1) shall —
(a) be guilty of an offence; and
(b) be liable in addition to the penalty or punishment for the offence to compensate
the company and allottee respectively for any loss, damages or costs which the
company or allottee has sustained or incurred thereby.
[42/2001]
(4) No proceedings for the recovery of any compensation referred to in subsection
(3) (b) shall be commenced after the expiration of 2 years from the date of the
allotment.
[42/2001]
[UK, 1948, s. 48; Aust., 1961, s. 50]
Requirements as to statements in lieu of prospectus
60. —(1) To comply with the requirements of this Act, a statement in lieu of
prospectus lodged by or on behalf of a company —
(a) shall be signed by every person who is named therein as a director or a
proposed director of the company or by his agent authorised in writing;
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(b) shall, subject to Pa