Clause 49

by deleting the words “A corporation or other entity shall not accept or retain subscriptions to a debenture issue in excess of the amount of the issue as disclosed in the prospectus unless the corporation or entity” in the 1st to 3rd lines of subsection (1) and substituting the words “An entity shall not accept or retain subscriptions to a debenture issue in excess of the amount of the issue as disclosed in the prospectus unless the entity”;

by deleting subsection (2) and substituting the following subsection:“(2) Subject to regulations made by the Authority for the purposes of this subsection, where an entity specifies in a prospectus relating to a debenture issue that it reserves the right to accept or retain over-subscriptions —

the entity shall not make, authorise or permit any statement of or reference as to the asset-backing for the issue to be made or contained in any prospectus relating to the issue, other than a statement or reference to the total tangible assets and the total liabilities of the entity and of its guarantor entities; and

the prospectus shall contain a statement or reference as to what the total assets and total liabilities of the entity would be if over-subscriptions to the limit specified in the prospectus were accepted or retained.”; and

by deleting the words “corporation or other entity or other person that contravenes subsection (2)” in subsection (3) and substituting the words “entity or other person that contravenes subsection (1) or (2)”.