COMPANIES ACT - 1963 (ACT 179)

    Section - 276 - General and Restricted Invitations to the Public

    Seventh Sch.

    (1) Except as provided in section 277 of this Code, where the invitation invites the public to acquire any shares or debentures of a public company, the prospectus referred to in the immediately preceding section shall state the matters specified in Part I of the Seventh Schedule to this Code and set out the reports specified in Part II of that Schedule:

    Provided that this subsection shall not apply to,

    (a) an invitation by a company in respect of shares or debentures of that company or any of its associated companies made solely to the existing shareholders or debentureholders of that company; or

    (b) an invitation by a company in respect of shares or debentures of that company which are in all respects uniform with shares or debentures of that company previously issued and for the time being dealt in on an approved stock exchange.

    Seventh Sch.

    (2) A prospectus relating to any invitation to the public to acquire or dispose of any shares or debentures of a public company, being an invitation not falling within subsection (1) of this section, either because it does not invite the public to acquire any shares or debentures or because it is excluded from the ambit of that subsection by virtue of the proviso thereto, need not state all the matters or set out the reports specified in the Seventh Schedule to this Code; but shall not contain any untrue statement and, if the shares or debentures to which it relates are dealt in on any stock exchange, whether in Ghana or elsewhere, or if application has been, or is being, made to a stock exchange for permission to deal in those shares or debentures the prospectus,

    (a) shall state that the shares or debentures are dealt in on that stock exchange or, as the case may be, that application has been or is to be made for permission to deal therein on that stock exchange; and

    (b) shall state whether or not that stock exchange is an approved stock exchange within the meaning of this Code; and

    (c) shall contain the particulars and information required by that stock exchange;

    and in any other case shall state that the shares or debentures are not dealt in on any stock exchange.

    (3) An invitation falling within subsection (1) of this section is hereafter in this Code described as a general invitation; and an invitation falling within subsection (2) of this section is hereafter in this Code described as a restricted invitation.