Section 98 Investments and Securities Act

Section 98 of the Investments and Securities Act 2025 is about Offers for sale deemed to be made by an issuer. It is under Part IX (Regulation of Securities) of the Act. It provides as follows:

Where an issuer allots or agrees to allot any of its securities to any person with a view to the public being invited to acquire any of those securities, for the purposes of this Act, any invitation so made shall be deemed to be an invitation to the public by the issuer as well as by the person actually making the invitation, and a person who acquires any such securities in response to the invitation shall be deemed to be an allottee from the company of those securities:

Provided that where —
(a) an invitation to the public is made in respect of such securities within six months after the allotment or agreement to allot, or
(b) at the date when the invitation to the public was made, the whole consideration to be received by the issuer in respect of those securities had not been so received,
it shall be deemed, unless the contrary is proved, that the allotment or agreement
to allot was made by the issuer with a view to an invitation to the public being
made in respect of those securities.