Restrictions on advertising and publicity – shares (cf Corporations Act s 734)
466 Restrictions on advertising and publicity – shares (cf Corporations Act s 734)
A person must not:
advertise; or
publish a statement that directly or indirectly refers to;
an offer, or intended offer, of shares in a participating co-operative that is a distributing co-operative within the meaning of the relevant corresponding co‑operatives law of another jurisdiction unless:
a current disclosure statement relating to the shares is:
(i) registered with the Registrar for the other jurisdiction under a provision of that corresponding co-operatives law that corresponds to section 68; or
(ii) lodged with that Registrar for registration under that provision; and
(d) any other applicable requirements specified in the National Regulations for the purposes of this section are complied with.
Maximum penalty: $1 000.
(2) Subsection (1) applies in relation to shares in a distributing co‑operative only if:
(a) the shares are offered to persons who are not shareholders in the co‑operative; or
(b) the invitation is made to persons who are not shareholders in the co‑operative.
(3) 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.
(4) An offence based on subsection (1) is an offence of strict liability.
This Act’s bill:Explanatory statement
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