I move amendment No. 113:
To delete subsection (3), page 182, lines 43 to 45, and substitute the following:
" (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."
The principal purpose of the amendment is to permit the circulation of British and Six-County prospectuses in this country. The law relating to prospectuses in Britain and the Six Counties differs from that which will prevail here and in the absence of the proposed amendment any person circulating a prospectus which complies with that law but not with ours would commit a serious offence. This would be an awkward situation for, say, newspapers carrying advertisements for British prospectuses.