This WebSite contains no known untrue statement of a material
fact and does not omit to state a material fact that
is required to be stated or that is necessary to prevent
a statement that is made from being false or misleading
in the circumstances in which it was made.
In the event that this Contribution Offering, together
with any amendment thereto, contains an untrue statement
of a material fact or omits to state a material fact
necessary in order to make any statement contained herein
not misleading in light of the circumstances in which
it was made (collectively referred to as "misrepresentation")
and it was a misrepresentation on the date of the contribution,
every contributor, shall have, subject as herein provided,
a right of action, exercisable on written notice given
not more than 90 days subsequent to the date of the
contribution, for recission against IDS-Development
provided that:
- IDS shall not be held liable under this paragraph
if the contributor provided funds with knowledge of
the misrepresentation;
- In no case shall the amount recoverable under this
paragraph exceed the amount of the contribution made
by the contributor;
- That, with respect to every false statement, the
director has reasonable grounds to believe and did
believe that the statement was true;
- That where a false statement was that of an expert,
the director had no reasonable grounds to believe
that the expert who made the statement in the Contribution
Offering or amendment thereto, or whose report or
valuation was produced or fairly summarized therein
was not competent to make such statement, valuation
or report; or
- That, with respect to every false statement purporting
to be a statement made by an official person or contained
in what purports to be a copy of or extract from a
Contribution Offer, it was a correct and fair representation
of the statement or copy of or extract from the document;
- That the Contribution Receipt or amendment thereto
was delivered to prospective contributor without the
director's knowledge or consent;
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