Restrictions on advertising and publicity: shares in participating co‑operatives
380C Restrictions on advertising and publicity: shares in participating co‑operatives
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 registered with the Registrar for the other jurisdiction under a provision of that corresponding co‑operatives law that substantially corresponds to section 137A; and
any other applicable requirements specified in regulations for the purposes of this section are complied with.
Penalty for this subsection: a fine of $1 000.
Subsection (1) applies in relation to shares in a distributing co‑operative only if the shares are offered, or intended to be offered, 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 that subsection.
Despite The Criminal Code section 23B(2), it is immaterial for the purposes of subsection (1) that any event occurred by accident.
[Section 380C inserted: No. 7 of 2016 s. 135.]
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