160(1)Every purchaser of a security of a mutual fund in New Brunswick may, where the amount of the purchase does not exceed the sum prescribed by regulation, rescind the purchase by sending written notice to the registered dealer from whom the purchase was made within 48 hours after receipt of the confirmation for a lump sum purchase or within 60 days after receipt of the confirmation for the initial payment under a contractual plan but, subject to subsection (3), the amount the purchaser is entitled to recover on exercise of this right to rescind shall not exceed the net asset value, at the time the right is exercised, of the securities purchased.

160(2)The right to rescind a purchase made under a contractual plan may be exercised only with respect to payments scheduled to be made within the time specified in subsection (1) for rescinding a purchase made under a contractual plan.

160(3)Every registered dealer from whom the purchase was made shall reimburse the purchaser who has exercised the right of rescission in accordance with this section for the amount of sales charges and fees relevant to the investment of the purchaser in the mutual fund in respect of the shares or units of which the notice of exercise of the right of rescission was sent.