(1) To comply with the requirements of this Division, a statement in lieu of prospectus lodged by or on behalf of a company shall—
(a) be signed by every person who is named therein as a director or a proposed director of the company, or by his or her agent authorised in writing;
(b) disclose any commission payable by virtue of section 50; and
(c) contain such matters as are prescribed.
(2) The Registrar may not accept for registration any statement in lieu of prospectus unless it appears to the Registrar to comply with the requirements of this Act.
(3) Section 311(3) to 311(6) apply in relation to the registration of, or refusal to register, a statement in lieu of prospectus as they apply in relation to the registration of or refusal to register a prospectus.
Division E: Insider Trading