Clause 103

by deleting “$200,000” in the 7th line of subsection (2) and substituting “$100,000”;

by deleting paragraph (c) of subsection (3) and substituting the following paragraph:“(c)no prospectus in respect of the offer has been registered by the Authority or, where a prospectus has been registered —

the prospectus has expired pursuant to section 299; or

the person making the offer has before making the offer —

informed the Authority by notice in writing of its intent to make the offer in reliance on the exemption under this subsection; and

taken reasonable steps to inform in writing the person to whom the offer is made that the offer is made in reliance on the exemption under this subsection.”;

by deleting subsection (4); and

by deleting the word “recognised” in paragraph (ii) of the definition of “advertisement” in subsection (5) and substituting the word “overseas”.