Reasonable reliance on information given by someone else—statements and omissions

(1) A person does not commit an offence against subsection 728(3), and is not liable under section 729 for a contravention against subsection 728(1), because of a misleading or deceptive statement in, or an omission from, a disclosure document if the person proves that they placed reasonable reliance on information given to them by:

(a)

if the person is a body—someone other than a director, employee or agent of the body; or

(b)

if the person is an individual—someone other than an employee or agent of the individual.

(2) For the purposes of subsection (1), a person is not the agent of a body or individual merely because they perform a particular professional or advisory function for the body or individual.

Withdrawal of consent—statements and omissions

(3) A person who is named in a disclosure document as:

(a)

being a proposed director or underwriter; or

(b)

making a statement included in the document; or

(c)

making a statement on the basis of which a statement is included in the document;