s 250 Duration of validity of prospectus and profile statement
250.—(1) A person must not make an offer of securities or securities‑based derivatives contracts, or allot, issue or sell any securities or securities‑based derivatives contracts, on the basis of a prospectus or profile statement after the expiration of the period referred to in subsection (3).[4/2017] (2) In a case where an entity makes an offer of securities or securities‑based derivatives contracts or where the securities or securities‑based derivatives contracts being offered are those issued by an entity or a proposed entity, an officer or equivalent person or a promoter of the entity or proposed entity must not authorise or permit —(a) the offer of those securities or securities‑based derivatives contracts; or (b) the allotment, issue or sale of those securities or securities‑based derivatives contracts, on the basis of a prospectus or profile statement after the expiration of the period referred to in subsection (3). [4/2017] (3) The period under subsection (1) or (2) is —(a) in a case where the securities or securities‑based derivatives contracts are debentures or units of debentures issued under a debenture issuance programme under section 240A, 24 months from the date of registration by the Authority of the base prospectus in relation to such offer, allotment, issue or sale; or (b) in any other case, 6 months from the date of registration by the Authority of the prospectus in relation to such offer, allotment, issue or sale.[4/2017] (4) If default is made in complying with subsection (1) or (2), the person and, in the case of an entity or a proposed entity, every officer or equivalent person or promoter of the entity or proposed entity shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 12 months or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction. (5) An allotment, an issue or a sale of securities or securities‑based derivatives contracts that is made in contravention of subsection (1) or (2) is not, by reason only of that fact, voidable or void.[4/2017]