Singapore legislation
Clause 51
Clause 51
Requirements as to statements in lieu of prospectus
(1)
To comply with the requirements of this Act a statement in lieu of prospectus lodged by or on behalf of a company —
shall be signed by every person who is named therein as a director or a proposed director of the company or by his agent authorized in writing;Sixth Schedule(b)shall subject to the provisions contained in Part III of the Sixth Schedule be in the form of and state the matters specified in Part I of that Schedule and set out the reports specified in Part II of that Schedule; and
shall, where the persons making any report specified in Part II of that Schedule have made therein or have, without giving the reasons, indicated therein any such adjustments as are mentioned in paragraph 5 of Part III of that Schedule, have endorsed thereon or attached thereto a written statement signed by those persons setting out the adjustments and giving the reasons therefor.[U.K.s. 48.][Aust. s. 51.]
(2)
The Registrar shall not accept for registration any statement in lieu of prospectus unless it appears to him to comply with the requirements of this Act.
(3)
Where in any statement in lieu of prospectus, there is any untrue statement or wilful non-disclosure any director who signed the statement in lieu of prospectus shall unless he proves either that the untrue statement or non-disclosure was immaterial or that he had reasonable ground to believe and did, up to the time of the delivery for registration of the statement in lieu of prospectus, believe that the untrue statement was true or the non-disclosure immaterial be guilty of an offence against this Act and shall be liable on conviction to imprisonment for a term not exceeding one year or to a fine not exceeding two thousand five hundred dollars or to both such imprisonment and fine.