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Statutes of Newfoundland and Labrador 2017 1.
S.122 Amdt. Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows: RSNL1990 cS-13 1. (1) Subsection 122(1) of the Securities Act is repealed and the following substituted: Offences, general 122. (1) Every person or company that, (a) makes a statement in material, evidence or information submitted to the superintendent, a person acting under the authority of the superintendent or a person making an investigation or examination under this Act that, in a material respect and at the time and in the light of the circumstances under which it is made, is misleading or untrue or does not state a fact that is required to be stated or that is necessary to make the statement not misleading; (b) makes a statement in an application, release, report, preliminary prospectus, prospectus, return, financial statement, information circular, take-over bid circular, issuer bid circular or other document required to be filed or furnished under the securities law of the province that, in a material respect and at the time and in the light of the circumstances under which it is made, is misleading or untrue or does not state a fact that is required to be stated or that is necessary to make the statement not misleading; (c) obstructs or interferes with an investigator, examiner or other person designated by the superintendent who is carrying out a duty under this Act, the regulations or the rules; or (d) contravenes the securities law of the province, is guilty of an offence and on conviction is liable to a fine of not more than $5,000,000 or to imprisonment for a term of not more than 5 years less a day, or to both a fine and imprisonment. (2) Subsection 122(4) of the Act is repealed and
the following substituted: (4) Every director or officer of a company or of a person other than an individual who authorized, permitted or acquiesced in the commission of an offence under subsection (1) by the company or person, whether or not a charge has been laid or a finding of guilt has been made against the company or person in respect of the offence under subsection (1), is guilty of an offence and is liable on conviction to a fine of not more than $5,000,000 or to imprisonment for a term of not more than 5 years less a day, or to both a fine and imprisonment. ©Queen's Printer |