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13 February, 1991

News release

Independent Provident Society of Victoria - advertisement for AST Scholarship Fund prohibited

On 31 October 1990 the Securities Commission made an order under section 44A of the Securities Act 1978 prohibiting the Independent Provident Society of Victoria from distributing any advertisement of the Society in relation to the AST Scholarship Fund.

The Commission formed the opinion that the Society had been offering securities to the public for subscription and had not complied with the Securities Act 1978.

The Society continues to market the Fund. It contends that it is not offering securities and is not operating in breach of the Act. It ha issued proceedings in the High Court in Auckland seeking adjudication on the question whether the Act applies to the AST Scholarship Fund.

The Commission's principal concern is that the information disclosure and other investor protection provisions of the Securities Act may not be met by the Society. Accordingly, it advises members of the public that they should make sure that they fully understand the implications of this investment before paying any money to the Society in respect of this Fund.