a contract entered into by a person (other than the offeror) to subscribe for
the interest as a result of the person accepting the offer, or of the
acceptance of an offer made by the person in response to the invitation, is
voidable at the option of that person by notice in writing to the offeror.
(2) If the person gives a notice under subsection (1), the obligations of
the parties to the contract are suspended:
- during the period of 21 days
after the notice is given; and
- during the period beginning when an application is made under
subsection (4) in relation to the notice and ending when the application,
and any appeals arising out of it, have been finally determined or otherwise
(3) Subject to subsection (6), the notice takes effect to void the
- at the end of 21 days after the notice is given; or
- if, within that 21 days, the offeror applies under subsection (4)-at
the end of the period when the obligations of the parties are suspended under
(4) Within 21 days after the notice is given, the offeror may apply to the
Court for an order declaring the notice to have had no effect.
(5) The Court may extend the period within which the offeror may apply under
subsection (4), even if the notice has taken effect.
(6) On application under subsection (4), the Court may declare the notice
to have had no effect if it is satisfied that, in all the circumstances, it is
just and equitable to make the declaration.