Requirements as to prospectuses and statements of capital
25.—(1)  In any case where, under section 50 of the Companies Act, it is unlawful to issue, circulate or distribute a prospectus relating to a company without a copy of it being first registered under that Act, it shall also be unlawful, in the case of a company registered or intended to be registered as an insurer under this Act, to do so without the prospectus having been sanctioned by the Authority; and any person knowingly responsible for the issue, circulation or distribution of a prospectus in contravention of this subsection shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.
(2)  In subsection (1), “prospectus” includes any document to which the expression applies in section 50 of the Companies Act.
(3)  Where a notice, advertisement or other official publication of a company registered or intended to be registered as an insurer under this Act, contains a statement of the company’s authorised share capital, and does not state therewith how much of that capital has been subscribed and how much is paid up, the company shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000.
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