(4)In the event of non-compliance with or contravention of any of the requirements imposed by clauses (a) and (b) of sub-section (1), a Director or other person responsible for the prospectus shall not incur any liability by reason of the non-compliance or contravention, if-(a)as regards any matter not disclosed, he proves that he had no knowledge thereof; or(b)he proves that the non-compliance or contravention arose from an honest mistake of fact on his part; or(c)the non-compliance or contravention was in respect of matters which, in the opinion of the Court dealing with the case, were immaterial, or was otherwise such as ought in the opinion of that Court, having regard to all the circumstances of the case, reasonably to be excused:Provided that, in the event of failure to include in a prospectus a statement with respect to the matters contained in clause 18 of Schedule II, no Director or other person shall incur any liability in respect of the failure, unless it be proved that he had knowledge of the matters not disclosed.
