Companies Act, 1963

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Interpretation of provisions as to prospectuses.

367.—(1) Where any document by which any shares in or debentures of a company incorporated outside the State are offered for sale to the public would, if the company concerned had been a company within the meaning of this Act, have been deemed by virtue of section 51 to be a prospectus issued by the company, that document shall be deemed to be, for the purpose of this Part, a prospectus issued by the company.

(2) An offer of shares or debentures for subscription or sale to any person whose ordinary business it is to buy or sell shares or debentures, whether as principal or agent, shall not be deemed an offer to the public for the purposes of this Part.

(3) This Part shall not apply to a prospectus or to a form of application for shares or debentures first published or issued in a country recognised for the purpose of this section if the prospectus or form of application complies with the law for the time being in force in the country in which the prospectus or form of application was first published or issued.

(4) In this Part, “prospectus”, “shares” and “debentures” have the same meanings as when used in relation to a company incorporated under this Act and “recognised” means recognised by order made by the Minister.