(1) Where -
(a) it is proposed to offer to the public by a prospectus issued generally any shares in or debentures of a company incorporated or to be incorporated outside the State, whether the company has or has not established, or when formed will or will not establish, a place of business in the State; and
(b) application is made to a recognised stock exchange for permission for those shares or debentures to be dealt in or quoted on that stock exchange;
there may, on the request of the applicant, be given by or on behalf of that stock exchange a certificate of exemption, that is a certificate that, having regard to the proposals (as stated in the request) as to the size and other circumstances of the issue of shares or debentures, and as to any limitation as to the number and class of persons to whom the offer is to be made, compliance with the requirements of the Third Schedule would be unduly burdensome.
(2) If a certificate of exemption is given and if the proposals aforesai