Restrictions on advertising and publicity—debentures or CCUs
467 Restrictions on advertising and publicity—debentures or CCUs
A person must not—
advertise; or
publish a statement that directly or indirectly refers to;
an offer, or intended offer, of debentures or CCUs in a participating co-operative unless—
a disclosure statement relating to the debentures or CCUs is approved under a provision of the relevant corresponding co-operatives law of another jurisdiction that corresponds to section 338 by the Registrar for the other jurisdiction; and
any other applicable requirements specified in the National Regulations for the purposes of this section are complied with.
Maximum penalty—$1,000.
A person does not contravene subsection (1) by publishing an advertisement or statement if they publish it in the ordinary course of a business of—
publishing a newspaper or magazine; or
broadcasting by radio or television;
and the person did not know and had no reason to suspect that its publication would amount to a contravention of a provision of that subsection.
An offence based on subsection (1) is an offence of strict liability.
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