Offer of shares as prospectus: offer documents are treated as prospectuses, triggering disclosure and liability rules. A document offering allotted shares or debentures for public sale is deemed a prospectus, invoking statutory prospectus content, disclosure and liability rules; an allotment made with a view to public sale is evidenced if an offer follows shortly after allotment or if full consideration remains unpaid. The provision requires additional disclosures of the net consideration receivable and inspection details for the allotment contract, treats offerors as if named directors for prospectus purposes, and permits specified signatures where the offeror is a company or firm.