Companies Act, 2008 (Act No. 71 of 2008)Chapter 4 : Public Offerings of Company Securities110. 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. |