s 39 Excluded issues
(1) An issue of securities is an excluded issue if— (a) the issue is so specified in Schedule 3; or (b) the issue is made to a person or a class of persons, or made in respect of securities or a class of securities, as the Minister may, on the recommendation of the Commission, prescribe by order published in the Gazette, to be an excluded issue. (2) A prescription made under paragraph (1)(b) may specify the provisions of this Act to which the issue so prescribed to be an excluded issue shall not apply. (3) An information memorandum issued by a person or his agent purporting to describe the business and affairs of the person in respect of— (a) any excluded issue specified in Schedule 3; or (b) any issue of securities made to a person or a class of persons or in relation to securities or a class of securities prescribed under paragraph (1)(b), shall be deemed to be a prospectus in so far as it relates to the liability of the person or his agent for any statement or information that is false or misleading or from which there is a material omission. (4) A person issuing the information memorandum referred to in subsection (3) shall deposit a copy of the information memorandum with the Commission within seven days after it is first issued. (5) Paragraph 17 of Schedule 3 shall not apply to any securities or class of securities of any private company or class of private companies as the Minister may, on the recommendation of the Commission, prescribe by order published in the Gazette.