(4)A Director or other person responsible for the prospectus shall not incur any liability by reason of any non-compliance with, or contravention of, any of the requirements of this section, 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] [ Substituted by Act 52 of 1964, Section 3 and Schedule II, for " was immaterial" (w.e.f. 29.12.1964).], 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 no Director or other person shall incur any liability in respect of the failure to include in a prospectus a statement with respect to the matters specified in clause 18 of Schedule II, unless it is proved that he had knowledge of the matters not disclosed.
