Restrictions on advertising and publicity (cf Corporations Act s 734)
69 Restrictions on advertising and publicity (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 distributing co-operative unless a current disclosure statement relating to the shares is—
registered with the Registrar under section 68; or
lodged with the Registrar for registration under section 68.
Maximum penalty—$1,000.
Subsection (1) applies in relation to shares in a distributing co-operative only if—
the shares are offered to persons who are not shareholders in the co-operative; or
the invitation is made to persons who are not shareholders in the co-operative.
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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