Section 70

Before a Labuan company or a foreign Labuan company or an agent of such company issues or offers to the public for subscription or purchase, or invites the public to subscribe for or purchase, any interest, the company shall issue, or cause to be issued, a statement in writing in connection therewith, which statement shall for all purposes be deemed to be a prospectus issued by a company, and all provisions of this Act and rules of law relating to prospectuses or to the offering or to an intended offering of shares for subscription or purchase to the public shall, with such adaptations as are necessary, apply and have effect accordingly as if the interest were shares offered or intended to be offered to the public for subscription or purchase, and as if persons accepting any offer or invitation in respect of or subscribing for or purchasing any such interest were subscribers for shares.