Malaysia legislation
Section 12
Section 12
Labuan Financial Services and Securities 33
(2)
Any document by which the offer under subsection 8(1)
is made shall for all purposes be deemed to be a prospectus issued by the corporation, and all written laws and rules of law as to the contents of prospectuses and as to liability in respect of advertisements and statements and non-disclosures in prospectuses, or otherwise relating to prospectuses, shall apply and have effect accordingly as if the securities had been offered under subsection 8(1) and as if persons accepting the offer in respect of any securities were subscribers therefor but without prejudice to the liability, if any, of the persons by whom the offer is made in respect of statements or non-disclosures in the document or otherwise.
(3)
For the purposes of this Act, it shall, unless the contrary is proved, be evidence that an allotment of, or an agreement to allot, securities was made by a corporation with a view to the securities being offered under subsection 8(1) if it is shown—
(a)
that an offer of securities under subsection 8(1) was made within six months after the allotment or agreement to allot; or
(b)
that at the date when the offer of the securities under subsection 8(1) was made, the whole consideration to be received by the corporation in respect of such securities had not been so received.
(4)
The requirements of this Part as to prospectuses shall have effect as though the persons making an offer to which this section relates were persons named in a prospectus as directors of a corporation.
Act 704
(5)
In addition to complying with the other requirements of this Part, the document making the offer shall state—
(a)
the net amount of the consideration received or to be received by the corporation making the offer in respect of the securities to which the offer relates; and
(b)
the place and time at which the contract under which the securities have been or are to be allotted may be inspected.
(6)
Where an offer to which this section relates is made by a corporation, it shall be sufficient if the document referred to in subsection (1) is signed on behalf of the corporation by two directors of the corporation and any such director may authorize his agent in writing to sign on his behalf.
Expert’s consent to issue of prospectus containing statement by him