THE CORPORATIONS LAW

CHAPTER 6 - TAKEOVERS

PART 6.4 - FORMULATING THE TAKEOVER OFFER

Division 4 - Conditional offers

SECTION 628   CONDITIONS REQUIRING PAYMENTS TO OFFICERS OF TARGET NOT ALLOWED IN OFF-MARKET BIDS  

628     An offer to a person under an off-market bid must not be made subject to a condition that requires the person to approve or consent to a payment or other benefit to an officer of the target or a related body corporate:

(a)  as compensation for loss of; or

(b)  as consideration in connection with retirement from;

any office or employment in connection with the management of the target or of a related body corporate. A purported requirement of this kind is void.