Section 76: Exemption certificate and effect.

(1) Where:
(a) it is proposed to offer any securities in a company to the public by a prospectus issued generally (that is to say to persons who are not existing members of the company) ; and
(b) the application is made to a securities exchange or capital trade point for permission for those securities to be dealt in or quoted on that securities exchange or capital trade point; the securities exchange or capital trade point to which the application is made may, at the request of the applicant, grant a certificate of exemption that is, a certificate that, having regard to the proposal (as stated in the request) as to the size and other circumstances of the issue of securities and as to any limitations on the number and class of persons to whom the offer is to be made, compliance with the requirements of the Third Schedule to this Act will be unduly cumbersome.
(2) If a certificate of exemption is given and the proposal mentioned in subsection (1) of this section are complied with and the particulars and information required to be published in connection with the application for permission made to the securities exchange or capital trade point are so published, then:
(a) a prospectus giving the relevant particulars and information, in the form in which they are so required to be published, shall be deemed to comply with the requirements of the Third schedule to this Act; and
(b) after the permission applied for is granted, sections 71 and 73 of this Act shall not apply to any issue of a prospectus or form of application relating, to the securities.