Clause 11

by deleting subsection (2) and substituting the following subsection:“(2) The Registrar shall refuse to register a copy of any prospectus if —

it contains any statement or matter which, in his opinion, is misleading in the form and context in which it is included;

the copy signed by every director and by every person who is named therein as a proposed director of the corporation or by the agent authorised in writing, is not lodged with the Registrar on or before the date of its issue;

the prospectus does not appear to comply with the requirements of this Act;

there are not also lodged with the Registrar copies verified as prescribed of any consent required by section 54 to the issue of the prospectus and of all material contracts referred to in the prospectus or, in the case of such a contract not reduced in writing, a memorandum giving full particulars thereof verified as prescribed; and

it appears to him that it is not in the interest of the investing public to do so.”; and

by inserting, immediately after subsection (4), the following subsections:“(5) The Registrar shall not refuse the registration of a prospectus under subsection (2)(e) unless he first affords the person who lodged the prospectus an opportunity of being heard.(6) Where the Registrar decides to refuse registration under subsection (2)(e) he shall give his reasons for so deciding to the person who lodged the prospectus within 14 days of his decision.(7) Any person who is aggrieved by the decision of the Registrar under subsection (6) may, within 30 days of the decision of the Registrar appeal to the Minister.(8) The decision of the Minister under subsection (7) shall be final and shall not be called in question in any court.”.