V-1.1 - Securities Act

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225.14. For the purposes of section 225.11, unless the defendant is the issuer, the investment fund manager or an officer of the issuer or the investment fund manager, the plaintiff must prove that the defendant
(1)  knew, at the time that a material change report should have been filed, of the change and that the change was a material change, or deliberately avoided acquiring such knowledge at or before that time; or
(2)  was guilty of a gross fault in connection with the failure to make timely disclosure.
2007, c. 15, s. 11.