53. The exemptions provided for in section 52 apply only where the Commission agrees thereto or does not raise any objection within 15 days of receiving the information required by regulation.
In the cases provided for in paragraphs 1, 3, 3.1 and 5 of section 52, the issuer must prepare an offering notice in the form prescribed by regulation subject to examination by the Commission on the conditions prescribed in the first paragraph and send it to the persons contemplated by the distribution, before accepting any undertaking on their part.
1982, c. 48, s. 53; 1990, c. 77, s. 13.