Clause 78

Section 276 of the principal Act is amended by deleting subsections (3) and (4) and substituting the following subsections:“(3) Subsection (2) shall not apply if at least 6 months have elapsed from the date the shares, debentures or units of shares or debentures to which the offer or invitation relates were initially acquired pursuant to the exemption under section 274 or 275.(4) In a case referred to in subsection (3), any subsequent offer to sell to any person, or invitation to any person to purchase, the shares, debentures or units of shares or debentures after the expiration of the 6 month period shall not require a prospectus, provided that the shares, debentures or units of shares or debentures are listed for quotation or quoted on a securities exchange or recognised securities exchange.(5) For the avoidance of doubt, subsections (2) and (3) shall continue to apply to any offer or invitation referred to in subsection (4) if the shares, debentures or units of shares or debentures are not listed for quotation or quoted on a securities exchange or recognised securities exchange.”.