Section 64(1) provides that where a company allots or agrees to allot any shares or debentures with a view to these being offered for sale to the public, any document by which the offer of sale to the public is made, shall for all purposes be deemed to be a prospectus issued by the company.

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Further, an allotment of, or an agreement to allot, shares or debentures shall be deemed to have been made with a view to the shares or debentures being offered for sale to the public, if it is shown;

(i)       That the offer of the shares or debentures for sale to the public was made within six months after the allotment or agreement to allot;

(ii)     That at the date when the offer was made, the whole consideration to be received by the company in respect of the shares or debentures had not been received by it.

Additional requirement relating to deemed prospectus

(i)       The net amount of consideration received or to be received by the company in respect of the shares or debentures to which the offer relates;

(ii)     The place and time at which the contract under which in the said shares or debentures have been or are to be allotted may be inspected. Section 60, dealing with the registration of prospectus applies to the deemed prospectus in terms of section 64(4) and accordingly it renders the persons making the offer of sale to the public as deemed directors of the company.

Where the person making the offer is a company or a firm, the document (i.e. deemed prospectus) must be signed by at least two directors or one-half of the partners, as the case may be [section 64(5)]

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