Acts and Regulations

S-5.5 - Securities Act

Section 156
Disposition versions

Full text
Liability of seller and underwriter
156(1)Where a security is traded in a distribution contrary to section 71, a purchaser of the security has a right of action for rescission against the person from whom the security was purchased and a right of action for damages against the underwriter and the issuer or other person who sold the security.
156(2)No action shall be commenced to enforce a right created by subsection (1) more than
(a) in the case of an action for rescission, 2 years after the date of the transaction that gave rise to the cause of action, or
(b) in the case of an action for damages, 3 years after the date of the transaction that gave rise to the cause of action.