Clause 17

Where —

a person is offering any shares in or debentures of a corporation to the public by a prospectus by means of a rights issue which is renounceable in favour of other persons; whether such issue is to persons who are existing members or debenture holders of the company or not; and

application is being made to any Stock Exchange for permission for those shares or debentures to be dealt in or quoted on any Stock Exchange, in addition to the shares or debentures of the corporation which are already dealt in or quoted on any Stock Exchange,such person may apply in writing to the Registrar for —

an exemption from the requirements of the Fifth Schedule; and

permission to register an abridged prospectus in respect of the rights issue containing the particulars set out in Part V of the Fifth Schedule,and the Registrar, after considering the application and all the circumstances of the rights issue, shall, unless he considers there are good reasons in relation to the circumstances of the proposed issue for not so doing, grant the exemption applied for and permit an abridged prospectus to be registered in respect of that issue.(2) Where a person to whom subsection (1) applies makes no application for exemption from the requirements of the Fifth Schedule or has been refused the exemption, that person shall be bound to comply with all the requirements of that Schedule as well as all the other requirements of this Act in relation to prospectuses.(3) If the Registrar pursuant to subsection (1) grants the exemption and permits an abridged prospectus in respect of the rights issue to be registered, such abridged prospectus shall be deemed to be a prospectus for the purposes of this Act and all written law and rules of law as to the contents of prospectuses (to the extent that may be applicable) and as to liability in respect of statements in and omissions from prospectuses or otherwise relating to prospectuses shall apply to an abridged prospectus and have effect accordingly.”.