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The Tax Publishers8. Issue of application form not containing a memorandum showing salient features of prospectus Section 56(3) does not apply if it is shown that the form of application was issued either-- (a) in connection with a bona fide invitation to person to enter into an underwriting agreement with respect to the shares or debentures; or (b) in relation to shares or debentures which were not offered to the public.
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