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AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 12BB

Misleading representations

             (1)  For the purposes of Subdivision D (sections 12DA to 12DN), if a person makes a representation about a future matter (including the doing of, or the refusing to do, any act) and the person does not have reasonable grounds for making the representation, the representation is taken to be misleading.

             (2)  For the purpose of applying subsection (1) to a proceeding concerning a representation made by a person about a future matter, the person is taken not to have had reasonable grounds for making the representation unless it adduces evidence to the contrary.

             (3)  Subsection (1) does not limit by implication the meaning of a reference in this Division to:

                     (a)  a misleading representation; or

                     (b)  a representation that is misleading in a material particular; or

                     (c)  conduct that is misleading or is likely or liable to mislead.



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