PART III

Capital Issues
CHAPTER I

Issues by Companies Registered, or to be Registered, in Great Britain

Liabilities and offences in connection with prospectus

Criminal liability for untrue statements
70
1
If a prospectus is issued with an untrue statement included in it, any person who authorised the issue of the prospectus is guilty of an offence and liable to imprisonment or a fine, or both, unless he proves either—
a
that the statement was immaterial, or
b
that he had reasonable ground to believe and did, up to the time of the issue of the prospectus, believe that the statement was true.
2
A person is not deemed for purposes of this section to have authorised the issue of a prospectus by reason only of his having given the consent required by section 61 to the inclusion in it of a statement purporting to be made by him as an expert.