Securities Industry Act - The Bahamas Laws On-Line - The ...

SECURITIES INDUSTRY [CH.363 – 33
and the chief financial officer and by every
director or proposed director or his agent, and in
the case of a partnership by every general partner
or proposed general partner or his agent, and in
the case of a trust by every trustee and in the case
of a syndicate or of a joint venture by every
manager or proposed manager or his agent.
(3) Every prospectus shall state on its face that the
original has been registered with the Commission, but the
publication of the prospectus shall not be deemed to mean
approval of the contents thereof by the Commission nor
create any liability of the Commission nor of the
Government in respect thereof or in respect of any
statement contained therein and every published prospectus
shall contain a statement to such effect prominently
displayed therein.
(4) The provisions of subsection (1) shall not apply
if it is shown to the reasonable satisfaction of the Commission
—
(a) that the form of application was issued either in
connection with a bona fide invitation to a person
or persons or company to enter into an underwriting
agreement with respect to the securities
which are to be offered to the public in the
future; or
(b) that the issue was in relation to securities which
were not offered to the public and that issuers
have fifty members or less and are prima facie
exempt as regards dealings in their securities and
the issue of invitations in respect thereof which
will not result in their having more than fifty
members.
(5) If any person acts in contravention of the
provisions of subsection (1), he is guilty of an offence and
shall be liable on summary conviction to a fine of
thirty thousand dollars, or to imprisonment for six months
or to both.
(6) In the event of non-compliance with or contravention
of any of the requirements of this section, any
person responsible for the publication or issue of the
prospectus shall not incur any liability by reason of the
non compliance or contravention if —
(a) as regards any matter not disclosed, he proves
that he was not cognizant thereof;
[Original Service 2001]
STATUTE LAW OF THE BAHAMAS