Section 28 — Offer of sale of sha res by certain members of company

(1) Where certain members of a
company propose, in consultation with the Board of Directors to offer, in accordance with the provisions
of any law for the time being in force, whole or part of their holding of shares to the public, they may do so
in accordance with such procedure as may be prescribed.
(2) Any document by which the offer of sale to the public is made shall, for all purposes, be deemed to
be a prospectus issued by the company and all laws and rules made ther eunder as to the contents of the
prospectus and as to liability in respect of mis -statements in and omission from prospectus or otherwise
relating to prospectus shall apply as if this is a prospectus issued by the company.
(3) The members, whether individu als or bodies corporate or both, whose shares are proposed to be