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PREVENTION OF FRAUD (INVESTMENTS) ACT (NORTHERN IRELAND) 1940 - SECT 2

Saving for certain transactions.

2.(1) The restrictions imposed by section one of this Act in relation to
dealing in securities shall not apply to the doing of anything by, or on
behalf of

(a)a member of any recognised stock exchange or
recognised association of dealers in securities, or

(b)the Bank of England, any licensed bank, any statutory corporation or
municipal corporation, any exempted dealer or any
industrial and provident society or building society, or

(c)any person acting in the capacity of manager or trustee under an
authorised unit trust scheme.

(2) For the purpose of determining whether or not a person has contravened any
of the restrictions imposed by section one of this Act, no account shall be
taken of his having done any of the following things (whether as a principal
or as an agent), that is to say:

(a)effecting transactions with, or through the agency of

(i)such a person as is mentioned in paragraph (a), paragraph (b) or paragraph
(c) of the preceding sub-section, or a person acting on behalf of such a
person as is so mentioned, or

(ii)the holder of a licence,

[(b)issuing any prospectus to which

(i)section thirty-eight of the Companies Act (Northern Ireland), 1960, applies
or would apply if not excluded by paragraph (b) of sub-section (7) of that
section or by section thirty-nine of that Act, or

(ii)section three hundred and sixty-five of that Act applies or would apply if
not excluded by paragraph (b) of sub-section (8) of that section or by section
three hundred and sixty-six of that Act,

(c)issuing any document relating to securities of a corporation (not being a
registered company) incorporated under the law of some part of the United
Kingdom, being a document which

(i)would, if the corporation were a registered company be a prospectus to
which section thirty-eight of the Companies Act (Northern Ireland), 1960,
applies or would apply if not excluded by paragraph (b) of sub-section (7) of
that section or by section thirty-nine of that Act, and

(ii)contains all the matters and is issued with the consents which, by virtue
of sections three hundred and sixty-five and three hundred and sixty-seven of
that Act it would have to contain and be issued with if the corporation were a
company incorporated outside the United Kingdom and the document were a
prospectus issued by that company, and

(d)issuing any form of application for shares in, or debentures of, a
corporation together with

(i)a prospectus which complies with the requirement of section thirty-eight of
the Companies Act (Northern Ireland), 1960, or is not required to comply
therewith because excluded by paragraph (b) of sub-section (7) of that section
or by section thirty-nine of that Act or complies with the requirements of
Part XI of that Act and is not issued in contravention of section three
hundred and sixty-seven of that Act, or

(ii)in the case of a corporation (not being a registered company) incorporated
under the law of some part of the United Kingdom, a document containing all
the matters and issued with the consents mentioned in sub-paragraph (ii) of
paragraph (c) of this sub-section]

Nothing in this sub-section shall be construed as authorising any person to
hold himself out as carrying on the business of dealing in securities.

© 1940 Crown Copyright

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