Section 165. Information memorandum deemed to be prospectus

(1) Any information memorandum purporting to describe the business affairs of the person making the offer issued by the person or his agent shall be deemed to be a prospectus, in so far as regarding the liability of the person or his agent, for any untrue statement or non-disclosure of material information.

(2) A copy of the memorandum referred to in subsection (1) shall be lodged with the Registrar within seven days from the date the memorandum is first issued.