V-1.1 - Securities Act

Section 225.19 Disposition versions

2007-11-09

225.19. A defendant may defeat an action by proving that

(1)  the misrepresentation was also contained in a document filed by or on behalf of a third person, other than the issuer, with the Authority or an extra-provincial securities commission within the meaning of section 305.1 or a stock exchange, and was not corrected in another document filed by or on behalf of that third person with the Authority, commission or stock exchange before the issuer or the mandatary or other representative of the issuer released the document or made the public oral statement;

(2)  the document or public oral statement contained a reference identifying the document that was the source of the misrepresentation; and

(3)  when the document was released or the public oral statement was made, the defendant did not know and had no reasonable grounds to believe that the document or public oral statement contained a misrepresentation.

2007, c. 15, s. 11.