Trust and Loan Companies Act

Marginal note:Full disclosure

• 284 (1) A prospectus shall provide full, true and plain disclosure of all material facts relating to the securities to be distributed and shall contain or be accompanied by such financial statements, reports or other documents as are required by any regulations made under subsection 280(1).

• Marginal note:Certificate

  (2) A prospectus shall include a certificate in prescribed form signed

  • (a) by the chief executive officer and the chief financial officer of the company making the distribution or, in the event of the absence or inability to act of either of those officers, any other officer of the company authorized by the directors to sign in the stead of the officer who is absent or unable to act, and such other persons as are prescribed, and

  • (b) in the case of an initial distribution of shares of a company incorporated after the coming into force of this section, by each person who is a promoter of the company

  to the effect that, according to the person’s information, knowledge and belief, the disclosure required by subsection (1) and by any regulations made under subsection 280(1) has been provided.

• Marginal note:Promoter

  (3) For the purposes of subsection (2) and section 286, “promoter” means an applicant for letters patent to incorporate a company or a director named in the application for letters patent, but such an applicant or director is a promoter only for the period of two years following the application.