s 60 Reliance on statement and information in respect of false or misleading statement
A person does not commit an offence under section 55 and is not liable under section 57 if the person (hereinafter referred to as the “first-mentioned person”) proves that the false or misleading statement or material omission from a statement in a prospectus— (a) is or is based on a statement made by a person referred to in subsection 53(1) (hereinafter referred to as the “secondmentioned person”); or (b) is contained in a copy of or what purports to be a copy of, or an extract from, a report or valuation of the secondmentioned person, and it is proved by the first-mentioned person that— (aa) the statement accurately represented the statement made by the second-mentioned person, or the copy or the purported copy or extract was a correct copy of, or extract from, the report or valuation, as the case may be; and (bb) after making such enquiries as were reasonable in the circumstances, the first-mentioned person had reasonable grounds to believe, and did believe until the time of the allotment of, issue of, offer for subscription or purchase of, or invitation to subscribe for or purchase, the securities, that the second-mentioned person, in making the statement, report or valuation, as the case may be— (i) was competent to make it; (ii) had given the consent required by subsection 53(1); and (iii) had not withdrawn that consent.