Cap. 386 Art. 91Penalty.

Any person responsible for the issue, circulation or distribution of a prospectus or for the issue of a form of application for shares or debentures, in contravention of article 89 shall be liable to a penalty: Provided that a director or other person responsible for the prospectus shall not incur liability if -

(a) as regards any matter not disclosed he proves that he was not cognizant thereof; or

(b) he proves that the contravention arose from an honest mistake of fact on his part; or

(c) the contravention was in respect of matters which, in the opinion of the court, were immaterial or otherwise such as ought, having regard to all the circumstances of the case, reasonably to be excused.