32 Sale where issuer advises, encourages, or knowingly assists offeror

(1)

An offer of financial products for sale requires disclosure under Part 3 of this Act if—

(a)

the issuer advises, encourages, or knowingly assists the offeror in connection with the offer of the financial products; or

(b)

the issuer is the offeror.

(2)

However, subclause (1) does not apply—

(a)

if the offer of the financial products is made only to persons who, at the time of the offer, are holders of financial products of the issuer under terms of a relevant instrument that require the offer to be made to those persons; or

(b)

to an offer of quoted financial products for sale; or

(c)

to an offer of financial products for sale through a facility that is described in section 309(2)(b).

(3)

In subclause (2)(a), relevant instrument, in relation to an offer of financial products, means—

(a)

the constitution of the issuer; or

(b)

a pre-emptive rights agreement between all of the product holders of the class of financial products under offer.

Compare: 1978 No 103 s 6(2A), (3)