Section 153. Power of Minister to exempt the application of Subdivision 9

(1) The Minister may, on the application in writing by any person interested and subject to the recommendation of the Registrar, by order declare that the whole or any part of this Subdivision shall not apply to any person making an offer of shares or debentures to the public, either unconditionally or subject to such terms and conditions as the Minister thinks fit to impose.

(2) The Registrar may make recommendation to the Minister if the Registrar is of the opinion that—

(a) the cost of providing a prospectus outweighs the resulting protection to investors; or

(b) it would not be prejudicial to the public interest if a prospectus were dispensed with.