Marginal note:Receipt for preliminary prospectus
277 (1) The Superintendent shall issue a receipt for a preliminary prospectus forthwith on its filing with the Superintendent.
Marginal note:Record to be maintained
(2) A person proposing to distribute securities of a bank to which a preliminary prospectus relates shall maintain a record of all persons to whom a copy of the preliminary prospectus has been sent.
Marginal note:Withdrawal of receipt
(3) Where it appears to the Superintendent, after providing a reasonable opportunity to the person by whom the preliminary prospectus was filed to make representations, that a preliminary prospectus in respect of which a receipt has been issued under subsection (1) is defective in that it does not substantially comply with the requirements of this Act and the regulations, the receipt may be withdrawn and the person by whom the preliminary prospectus was filed shall forthwith be notified of its withdrawal.
(4) Notice of withdrawal of a receipt under subsection (3) shall forthwith be sent by the person by whom the preliminary prospectus was filed to any persons proposing to take part in the distribution of the securities to which the preliminary prospectus relates and, by the bank and each such person, to each person named on the records maintained in respect of the preliminary prospectus by the bank and each such person.
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