Section 32
Contents of prospectus or product disclosure statement
Every prospectus or product disclosure statement issued under this Act shall comply with the requirements relating to the contents of the prospectus or product disclosure statement as specified in the Second Schedule.
(2)
In the event of non-compliance with or contravention of this section, a director or other person responsible for the prospectus or product disclosure statement shall not incur any liability if—
(a)
with regards to any matter not disclosed, the director or other person proves that he has no knowledge of the non-compliance or contravention;
Interest Schemes
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(b)
the director or other person proves that the non-compliance or contravention arose from an honest mistake on his part concerning the facts; or
(c)
the non-compliance or contravention is in respect of a matter which in the opinion of the Court dealing with the case is immaterial or is otherwise in the opinion of the
Court reasonable to be excused upon considering all the circumstances of the case.
(3)
A condition requiring or binding an applicant for interests of a scheme to waive compliance with any requirement of this section, or purporting to affect him with notice of any contract document or matter not specifically referred to in the prospectus or product disclosure statement shall be void.
(4)
Where a prospectus or product disclosure statement relating to any interest of a scheme is issued and the prospectus or product disclosure statement does not comply with this section, each director of the corporation and other person responsible for the prospectus or product disclosure statement commits an offence and shall, on conviction, be liable to a fine not exceeding one million ringgit or to imprisonment for a term not exceeding three years or to both.
(5)
Nothing in this section shall limit or diminish any liability which any person may incur under this Act or any other written law.
Consent from person to issue prospectus or product disclosure statement containing his statement