Western Australian Consolidated Acts Western Australian Consolidated Acts (1) A company having a
share capital which does not issue a prospectus on or with reference to its
formation, or which has issued a prospectus but has not proceeded to allot
upon applications received in consequence of the prospectus, any of the shares
offered to the public for subscription, shall not allot any of its shares or
debentures unless at least 3 days before the first allotment of either
shares or debentures there has been filed with the Registrar a statement in
the form contained in the Fifth Schedule in lieu of prospectus signed by every
person who is named therein as a director or a proposed director of the
company or by his agent authorised in writing in a form containing the
particulars set out in the Fifth Schedule.
(2) This section shall
not apply to a proprietary company.
(3) If a company acts
in contravention of this section the company and every director of the company
who knowingly authorises or permits the contravention shall be liable to a
fine not exceeding $100.
(4) The provisions of
section 47(8) are incorporated in this section as though they were set
out herein and expressly made applicable to the provisions of this section.
[Section 54 amended by No. 47 of 1949
s. 8; No. 113 of 1965 s. 8(1).]