. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2

Subsection (1) above does not apply if a prospectus relating to the securities has been delivered for registration under this Part of this Act in the previous twelve months and the approved exchange certifies that it is satisfied that persons likely to consider acquiring the securities will have sufficient information to enable them to decide whether to do so from that prospectus and any information published in connection with the admission of the securities.

Subsection (1) above has effect subject to section 160A (exemptions) and section 161 (exceptions).