Clause 60

by deleting subsections (1) and (2) and substituting the following subsections:“(1) If a prospectus has been registered and —

the Authority is of the opinion that the prospectus contains a false or misleading statement or matter;

there is an omission from the prospectus of any information that is required to be included in it under section 243;

the Authority is of the opinion that the prospectus does not comply with the requirements of this Act; or

the Authority is of the opinion that it is in the public interest to do so,the Authority may by an order in writing (referred to in this section as a stop order) served on the person who lodged the prospectus direct that no or no further shares or debentures, or units of shares or debentures to which the prospectus relates be allotted, issued or sold.(2) If a profile statement has been registered and —

the Authority is of the opinion that the profile statement contains a false or misleading statement or matter;

there is an omission from the profile statement of any information that is required to be included in it under section 246;

the Authority is of the opinion that the profile statement does not comply with the requirements of this Act; or

the Authority is of the opinion that it is in the public interest to do so,the Authority may by an order in writing (referred to in this section as a stop order) served on the person who lodged the profile statement, direct that no or no further shares or debentures, or units of shares or debentures to which the profile statement relates be allotted, issued or sold.”;

by deleting subsection (4) and substituting the following subsection:“(4) The Authority shall not serve a stop order under subsection (1) or (2) without giving the person who lodged the prospectus or profile statement an opportunity to be heard, except that an opportunity to be heard need not be given if the stop order is served on the ground that it is in the public interest to do so on the basis of any of the following circumstances:

the corporation whose shares or debentures, or units of shares or debentures are the subject of the offer or invitation to which the prospectus or profile statement relates is in the course of being wound up or otherwise dissolved, whether in Singapore or elsewhere;

a receiver, a receiver and manager or an equivalent person has been appointed, whether in Singapore or elsewhere, in relation to or in respect of any property of that corporation.”; and

by inserting, immediately after the words “unless revoked” in subsection (9), the words “by the Authority”.