159(1)If subsection 59(1) applies to a contract and the subsection is not complied with, a person who has entered into the contract may rescind the contract by sending written notice of rescission to the registered dealer within 60 days after the date of the delivery of the security to or by the person, as the case may be, but, in the case of a purchase by the person, only if the person is still the owner of the security purchased.

159(2)If paragraph 56(1)(c) applies to a contract and a registered dealer has failed to comply with the paragraph by not disclosing that the registered dealer acted as principal, a person who has entered into the contract may rescind the contract by sending written notice of rescission to the registered dealer within 7 days after the date of receipt of the written confirmation of the contract.

159(3)In an action respecting a rescission to which this section applies, the onus of proving compliance with section 56 or 59 is on the registered dealer.

159(4)No action respecting a rescission shall be commenced under this section after the expiration of a period of 90 days after the date of sending the notice of rescission under subsection (1) or (2).