28. Offer of sale of shares 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 thereunder
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 individuals or bodies corporate or both, whose shares are
proposed to be offered to the public, shall collectively authorise the company, whose shares
are offered for sale to the public, to take all actions in respect of offer of sale for and on their
behalf and they shall reimburse the company all expenses incurred by it on
this matter.