(1) A Person specified in 9.8.1(1) shall not have liability for any loss arising from any misleading or deceptive statement or omission in the Prospectus if any of the circumstances specified in (2) to (4) apply.
(2) A Person shall not incur liability if that Person can show that:
(a) the statement was true and not misleading, or that the matter of the omission of which caused the loss was properly omitted;
(b) he made all enquiries that were reasonable in the circumstances and believed that there was no misleading or deceptive statement or omission in the Prospectus; or
(c) before the Units were acquired by any Person in reliance on the Prospectus, he had taken all such steps as were reasonable for him to have taken to secure that a correction was promptly made and brought to the attention of the Persons likely to acquire the Units in question.
(3) A Person shall not have liability for any loss resulting from a statement made by a public official or contained in an official public document which is included in the Prospectus if the statement is accurately and fairly reproduced.
(4) A Person shall not incur any liability if the Person incurring the loss acquired the Units in question with knowledge:
(a) that the statement was false or misleading;
(b) of the omitted matter or of the change; or
(c) of the new matter of inaccuracy.