Offer of shares to the public. Shares and debentures of limited companies, when allotted or agreed to be allotted with a view to sale to the public, must when offered to the public comply with the provision of s. 38 of the Companies Act, 1929; and see PROSPECTUS. Further, any offer in writing to any member of the public of any shares for purchase except as provided, i.e. (a) shares dealt in with permission of any recognised stock exchange in Great Britain; (b) shares allotted with a view to sale to the public; and (c) offers to persons doing regular business in the purchase or sale of shares, must comply with s. 356 of the same Act; s. 356 also absolutely prohibits 'share pushing,' i.e., any person going from house to house (not being an office used for business purposes) offering shares for subscription or purchase to the public or any member of the public
View Judgments Citing this Phrase