Companies (Winding Up and Miscellaneous Provisions) Ordinance

(1)
Where a prospectus issued after the
                    commencement
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of the Companies (Amendment) Ordinance 1972 (
78 of
                    1972
) includes any untrue statements, any person who authorized the issue
                of the prospectus shall be liable to imprisonment and a fine, unless he proves
                either that the statement was immaterial or that he had reasonable grounds to
                believe and did up to the time of the issue of the prospectus believe that the
                statement was true.
(Amended
7 of 1990 s. 2
)
(2)
A person shall not be deemed for the purposes of this section to have authorized the issue of a prospectus by reason only of his having given the consent required by
section 38C
to the inclusion therein of a statement purporting to be made by him as an expert.
(3)
Subsection (1) shall not
apply—
(a)
to the Commission;
(b)
where the relevant prospectus is authorized by a recognized exchange company pursuant to a transfer order made under
section 25
of the Securities and Futures Ordinance (
Cap. 571
), to the Commission or the recognized exchange company; or
(c)
where the relevant prospectus is authorized by a recognized exchange controller pursuant to a transfer order made under
section 68
of that Ordinance, to the Commission or the recognized exchange controller.
(Replaced
5 of 2002 s. 407
)
(4)
This section shall apply to a publication falling within
section 38B(2)
as if the publication were a prospectus.
(Added
30 of 2004 s. 2
)