Re AIC Merchant Finances Ltd - [1990] 2 NZLR 385

Contract — Illegal contract — Allotment of securities when no registered prospectus existed — Relationship between Illegal Contracts Act and Securities Act — Finance company, which subsequently went into receivership, received money from public and allotted securities to investors when no registered prospectus was in existence — Securities Act rendered allotments "invalid and of no effect" — Whether Securities Act precluded relief under Illegal Contracts Act — Whether the allotments could be validated — Whether relief short of validation should be given to investors — Securities Act 1978, ss 4 and 37 — Illegal Contracts Act 1970, s 7.