Section 152. Application of Subdivision 9

(1) Unless otherwise provided in this Act, this Subdivision shall apply to an offer made to the public or any section of the public with regards to—

(a) an offer or invitation in respect of shares or debentures made by an unlisted recreational club; and

(a) an offer or invitation to deposit money with or lend money to a corporation as specified in section 158.

(2) This Subdivision shall not apply to an offer or invitation to subscribe for or purchase any securities of a corporation, including any excluded offer or excluded invitation as defined in the Capital Markets and Services Act 2007.