V-1.1 - Securities Act

Full text
225.20. A defendant, other than the issuer, may defeat an action by proving that
(1)  the document was released, the public oral statement was made or the failure to make timely disclosure occurred without the defendant’s knowledge or consent; and
(2)  after the defendant became aware of the misrepresentation or the failure to make timely disclosure but before the misrepresentation was corrected or the material change was disclosed in the manner required under this Act or the regulations,
(a)  the defendant promptly notified the board of directors of the issuer or other persons acting in a similar capacity of the misrepresentation or the failure to make timely disclosure; and
(b)  if no correction of the misrepresentation or no subsequent disclosure of the material change in the manner required under this Act or the regulations was made by the issuer within two working days after the notification under subparagraph a, the defendant, unless prohibited by law or by professional confidentiality rules, promptly notified the Authority, in wriating, of the misrepresentation in the document or public oral statement or failure to make timely disclosure.
2007, c. 15, s. 11; I.N. 2016-01-01 (NCCP).
225.20. A defendant, other than the issuer, may defeat an action by proving that
(1)  the document was released, the public oral statement was made or the failure to make timely disclosure occurred without the defendant’s knowledge or consent; and
(2)  after the defendant became aware of the misrepresentation or the failure to make timely disclosure but before the misrepresentation was corrected or the material change was disclosed in the manner required under this Act or the regulations,
(a)  the defendant promptly notified the board of directors of the issuer or other persons acting in a similar capacity of the misrepresentation or the failure to make timely disclosure; and
(b)  if no correction of the misrepresentation or no subsequent disclosure of the material change in the manner required under this Act or the regulations was made by the issuer within two business days after the notification under subparagraph a, the defendant, unless prohibited by law or by professional confidentiality rules, promptly notified the Authority, in writing, of the misrepresentation in the document or public oral statement or failure to make timely disclosure.
2007, c. 15, s. 11.