Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies to offers of ESS interests that are expressed to be made under this Division, if:
(a) paragraph 1100Q(1)(a) applies to the offer; and
(b) the offer is made in, or accompanied by, a document that purports to be an ESS offer document required by section 1100W for the offer.
(2) A person covered by subsection (3) must notify, in writing, the body corporate or responsible entity of a registered scheme making the offer as soon as practicable if, during the application period for the offer mentioned in paragraph 1100W(2)(e), the person becomes aware that:
(a) a material statement in any of the following documents is misleading or deceptive:
(i) a document that purports to be an ESS offer document required by section 1100W for the offer;
(ii) information that purports to be supporting information required under section 1100X for the offer; or
(b) there is a material omission of information from any of the documents mentioned in paragraph (a) that would result in any of those documents being misleading or deceptive; or
(c) a material new circumstance exists that:
(i) has arisen during the application period for the offer mentioned in paragraph 1100W(2)(e); and
(ii) if the new circumstance had occurred before the offer was made, would have been required to be included in any of the documents mentioned in paragraph (a).
(3) The following persons are covered by this subsection:
(a) each director of the body corporate or responsible entity;
(b) a person named, with the person's consent, in any document mentioned in paragraph (2)(a) as a proposed director of the body corporate or responsible entity;
(c) a person named, with the person's consent, in any document mentioned in paragraph (2)(a) as having made a statement:
(i) that is included in any such document; or
(ii) on which a statement made in any such document is based.
(4) An offence based on subsection (2) is an offence of strict liability.
Defence--withdrawal of consent
(5) A person does not commit an offence against subsection (2) if:
(a) the person is named, with the person's consent, in any document mentioned in paragraph (2)(a):
(i) as a director or proposed director of the body corporate or responsible entity; or
(ii) as having made a statement that is included in any such document or on which a statement made in any such document is based; and
(b) at any time, the person publicly withdraws the person's
consent to being named in the document in that way.