THE CORPORATIONS LAW

CHAPTER 6D - FUNDRAISING

PART 6D.3 - PROHIBITIONS, LIABILITIES AND REMEDIES

Division 1 - Prohibitions and liabilities

SECTION 733   GENERAL DEFENCES FOR ALL DISCLOSURE DOCUMENTS  

733(1)  Reasonable reliance on information given by someone else - statements and omissions.  

A person does not commit an offence against subsection 728(3), and is not liable under section 729 for a contravention against subsection 728(1), because of a misleading or deceptive statement in, or an omission from, a disclosure document if the person proves that they placed reasonable reliance on information given to them by:

(a)  if the person is a body - someone other than a director, employee or agent of the body; or

(b)  if the person is an individual - someone other than an employee or agent of the individual.

733(2)  [Professional or advisory functions]  

For the purposes of subsection (1), a person is not the agent of a body or individual merely because they perform a particular professional or advisory function for the body or individual.

733(3)  Withdrawal of consent - statements and omissions.  

A person who is named in a disclosure document as:

(a)  being a proposed director or underwriter; or

(b)  making a statement included in the document; or

(c)  making a statement on the basis of which a statement is included in the document;

does not commit an offence against subsection 728(3), and is not liable under section 729 for a contravention against subsection 728(1), because of a misleading or deceptive statement in, or an omission from, a disclosure document if the person proves that they publicly withdrew their consent to being named in the document in that way.

733(4)  Unawareness of new matter.  

A person does not commit an offence against subsection 728(3), and is not liable under section 729 for a contravention of subsection 728(1), because of a new circumstance that has arisen since the disclosure document was lodged if the person proves that they were not aware of the matter.