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

SECURITIES INDUSTRY [CH.363 – 37
(4) Where a copy of a prospectus has been lodged
for registration, the Commission shall issue a receipt for the
prospectus and shall —
(a) register the prospectus expeditiously; or
(b) refuse to register the prospectus and notify the
issuer immediately in writing of the reason for
so doing.
(5) The Commission shall not register a prospectus
unless it is dated and the copy thereof signed in the manner
required by this section and section 54 and unless it has
endorsed thereon or attached thereto such financial
statements, reports or other documents as are required by
this Act or any regulations or rules made thereunder.
(6) The Commission shall refuse to register a
prospectus if it appears to the Commission
(a) that the prospectus or any other document
required to be filed therewith —
(i) fails to comply in any substantial respect
with any of the requirements of this Act or
any regulations or rules made thereunder,
or
(ii) contains any statement that is misleading,
false or deceptive;
(b) that an unconscionable consideration has been
or is intended to be paid for promotional
purposes or for the acquisition of a security;
(c) that the proceeds from the sale of securities
together with other resources of the issuer will
be insufficient to accomplish the purpose of the
issue as stated in the prospectus;
(d) that the financial condition or past conduct of
the issuer or any officer, director, promoter or
person connected with the issuer affords reasonable
grounds for believing that the business of
the issuer will not be conducted in a manner that
is financially responsible or is in the best interest
of the holders of its securities; or
(e) that a person who has prepared or certified any
part of the prospectus or is named as having
prepared or certified a report or valuation used
in or in connection with the prospectus is not a
fit and proper person to do so.
[Original Service 2001]
STATUTE LAW OF THE BAHAMAS