Clause 2

by deleting the words “but an invitation to the public by a prescribed corporation as defined in section 44(7) shall not be deemed to be an invitation to the public to deposit money with or to lend money to the corporation for the purpose of Division 5 of Part IV” at the end of subsection (5) and substituting the following words:“but an invitation by a prescribed corporation as defined in sections 44(7) and 97(8) shall be deemed not to be an invitation to the public to subscribe for or purchase debentures of the corporation or an offer to the public of debentures of the corporation for subscription or purchase for the purposes of Division 5 of Part IV”; and

by deleting subsection (6) and substituting the following subsection:“As to what constitutes an offer to the public(6) Any reference in this Act to offering shares or debentures to the public or to issuing an invitation to the public in respect of shares or debentures shall, unless the contrary intention appears, be construed as including a reference to offering them to any section of the public or to issuing of an invitation to any section of the public, as the case may be, whether selected as clients of the person making the offer or issuing the invitation or in any other manner.”.