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Companies Act, 2008 (Act No. 71 of 2008)

Chapter 4 : Public Offerings of Company Securities

110. Minimum interval before allotment or acceptance

 

 

1) No allotment of securities or acceptance of an offer in respect of securities of a company may be made in pursuance of a prospectus, and no proceedings may be taken on applications made in pursuance of a prospectus, until the beginning of the third day after that on which the prospectus is first issued or such later time, if any, specified in the prospectus.

 

2) The reference in subsection (1) to the day on which a prospectus was first issued—
a) is a reference to the day on which it is first issued as a newspaper advertisement; or
b) if it is not issued as a newspaper advertisement before the third day after the day on which it is first issued in any other manner, is a reference to the day on which it is first issued in that other manner.

 

3) A contravention of subsection (1) does not affect the validity of an allotment or acceptance.