Section 296 - Offers for sale deemed to be made by company

(1) Where a company allots or agrees to allot any of the shares or debentures of the company to a person with a view to the public being invited to acquire any of those shares or debentures, for the purposes of this Act, an invitation so made is an invitation to the public made by the company as well as by the person actually making the invitation.

(2) A person who acquires any of the shares or debentures in response to the invitation under subsection (1) is an allottee from the company of those shares or debentures.

(3) For the purposes of subsection (1), where

(a) an invitation to the public is made in respect of shares or debentures 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 company in respect of the shares or debentures had not been so received,

it shall be assumed, unless the contrary is proven, that the allotment or agreement to allot was made by the company with a view to an invitation to the public being made in respect of those shares or debentures.

(4) This section applies to an invitation to the public made in respect of shares or debentures of external and non-Ghanaian companies.