Section 118 Investments and Securities Act

Section 118 of the Investments and Securities Act 2025 is about Action for rescission. It is under Part IX (Regulation of Securities) of the Act. It provides as follows:

A shareholder may bring an action against an issuer which has allotted securities under a prospectus for the rescission of all allotments and the repayment to the holders of the securities of the whole or part of the issued price which has been paid in respect of them if the prospectus —

(a) contained a material statement, which was false, deceptive or misleading; or

(b) did not contain a statement, report or account required to be contained in it by section 101 and the Third Schedule to this Act.