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

SECURITIES INDUSTRY [CH.363 – 41
financial officer or manager or partner thereof;
and he had not consented to become a director
or a chief executive officer or a chief financial
officer or manager or partner, or has withdrawn
his consent before the publication of the
prospectus, and has not authorized or consented
to the publication thereof; or
(b) the consent of a person is required under section
55 to the publication of the prospectus and he
either has not given that consent or has withdrawn
it before publication of the prospectus,
the promoter, the directors or a chief executive officer or a
chief financial officer or managers or partners of the issuer,
except any without whose knowledge or consent the
prospectus was published, and any other persons who
authorized the publication thereof shall be liable to
indemnify the person named as aforesaid or whose consent
was required as aforesaid, as the case may be, against all
damages, costs and expenses to which he may be made
liable by reason of his name having been inserted in the
prospectus or of the inclusion therein of a statement
purporting to be made by him as an expert, as the case may
be, or in defending himself against any action or legal
proceeding brought against him in respect thereof:
Provided that a person shall not be deemed for the
purposes of this subsection to have authorized the
publication of a prospectus by reason only of his having
given the consent required by section 55 to the inclusion
therein of a statement purporting to be made by him as an
expert.
(5) For the purposes of this section —
(a) the expression “promoter” means a person who
acting alone or in conjunction with one or more
other persons, procures the formation or establishment
of an entity whose shares or other
securities are offered for sale to the public, or
was a party to the preparation of the prospectus,
or of the portion thereof containing the untrue
statement, but does not include any person by
reason of his acting in a professional capacity for
persons engaged in procuring the formation of
the issuer;
(b) the expression “expert” has the same meaning as
in section 55;
[Original Service 2001]
STATUTE LAW OF THE BAHAMAS