Public offering statement

(1) A developer shall, unless exempted by the Registrar, file with the Board a public offering statement which shall be in conformity with the requirements outlined in the First Schedule, Provided that if the developer distributes to an off-site a (howsoever denominated) which in the opinion of the Board contains substantially all of the information required by the First Schedule, then the public offering statement distributed in conjunction with the said off-site sale shall be deemed to be in conformity with this section and the First Schedule. First Schedule. First Schedule. (2) The public offering statement shall be delivered by the developer to any on-site purchaser at the time of the execution of any sales agreement. 19 (3) Any developer who contravenes the provisions of this section commits an offence and shall be liable on summary conviction to a fine not exceeding five thousand dollars or to imprisonment for a term not exceeding one year, or to both such fine and term of imprisonment.