Companies Act (Cap. 386), article 95

95. (1) Where a company allots or agrees to allot any shares in or debentures of the company with a view to all or any of those shares or debentures being offer ed for sale to the public, any document by which the offer for sale to the public is made shal l for all purposes be deemed to be a prospectus and all the rules rel ating to prospectuses shall apply and have effect accordingly. (2) It shall be presumed, unless the contrary is proved, that th e allotment or agreement to allot was made with a view to the sha res or debentures being offered for sale to the public if it is sho wn - (a) that an offer for sale to the public was made within six months after the allotment; or agreement to allot; or (b) that at the date when the offer was made the whole consideration to be receive d by the public company in respect of the shares or debentures had not been so received. (3) The provisions of article 93 as applied by this article shal l have effect - (a) as if that article further r equired a prospectus to have attached thereto a copy of any contract under which the said shares or debentures have been or are to be allotted or, in the case of a contract not reduced in writing, a memorandum giving full particulars thereof; and (b) as though the persons making the offer were persons named in the prospectus as directors of a company. Interpretation of provisions relating to prospectus. Amended by: L.N. 391 of 2005.