Section 161. Relief from requirements as to form and content of prospectus

(1) The Registrar may, on the application in writing by any person required to comply with subsection 154(1), relieve the person or approve any variation from the requirements of this Act relating to the form and content of a prospectus.

(2) In granting the relief or approving the variation under subsection (1), the Registrar may impose such terms and conditions as the Registrar thinks fit.

(3) The Registrar shall not grant the relief or approve the variation under subsection (1) unless he has considered the nature and objectives of the corporation and is satisfied that—

(a) the relief or variation does not cause the non-disclosure to the public of information necessary for the assessment of the investment in the shares or debentures of the corporation, as the case may be; and

(b) the compliance with the requirements, for which the relief or variation is applied for, would impose unreasonable burden on the applicant.

(4) A prospectus shall be deemed to have complied with all the requirements of this Act relating to the form and content of a prospectus if the prospectus is issued in compliance with subsection (1).