V-1 - Securities Act

Section 70 Disposition versions

1977-12-31

70. Every issue of securities which is subject to the application of section 67 must, unless the Commission otherwise determines, be accompanied by a typewritten, polygraphic or printed prospectus containing respecting the person, company or undertaking concerned, a full disclosure of relevant facts as prescribed by the regulations.

Copies of such prospectus must be furnished to the Commission in such number as it may specify.

No prospectus shall be distributed to the public, nor shall any copy be remitted to an eventual or prospective purchaser of a security to which such prospectus relates, unless the Commission has previously permitted the distribution thereof in writing.

A copy of such prospectus, after distribution thereof has been permitted, shall be remitted, by the broker or issuer, to every purchaser of securities subject to the application of section 67, at or before the confirmation of the sale and before any payment, in cash or otherwise, of the price of sale of the securities.

Any violation of any provision whatsoever of this section constitutes an offence.

The Commission may require that such prospectus be revised or replaced, even after permission has been granted under section 67, when it deems it necessary for the protection of the public.

Section 42 applies to the withdrawal of the prospectus, mutatismutandis.

R. S. 1964, c. 274, s. 53; 1973, c. 67, s. 23.