Corporations Act 2001

CHAPTER 6B - RIGHTS AND LIABILITIES IN RELATION TO CHAPTER 6 AND 6A MATTERS  

SECTION 670B   RIGHT TO RECOVER FOR LOSS OR DAMAGE RESULTING FROM CONTRAVENTION  

670B(1)  
A person who suffers loss or damage that results from a contravention of subsection 670A(1) may recover the amount of the loss or damage from a person referred to in the following table if the loss or damage is one that the table makes the person liable for. This is so even if the person did not commit, and was not involved in, the contravention.


People liable on the document [ operative table ]
For these documents
these people ... ... are liable for loss or damages caused by
bidder's statement or takeover offer document
1 the bidder any contravention of subsection 670A(1) in relation to the document
2 each director of a bidder that is a body if the consideration offered under the bid is not a cash sum only any contravention of subsection 670A(1) in relation to the document
3 a director of a bidder that is a body (other than a notified foreign passport fund) unless the director proves that they: any contravention of subsection 670A(1) in relation to the document
(a) were not present when the directors resolved to adopt the statement or offer document; or See also items 10 and 11.
(b) voted against the resolution;
if the consideration offered under the bid is a cash sum only
notice of variation of a takeover offer
4 the bidder any contravention of subsection 670A(1) in relation to the document
5 a director of a bidder that is a body any contravention of subsection 670A(1) in relation to the document
See also items 10 and 11.
a target's statement
6 the target any contravention of subsection 670A(1) in relation to the document
7 a director of the target unless the director proves that they: any contravention of subsection 670A(1) in relation to the document
(a) were not present when the directors resolved to adopt the statement; or See also items 10 and 11.
(b) voted against the resolution
a compulsory acquisition or compulsory buy-out notice
8 the person giving the notice any contravention of subsection 670A(1) in relation to the document
9 a director of a body corporate (other than a notified foreign passport fund) giving the notice unless the director proves that they: any contravention of subsection 670A(1) in relation to the document
See also items 10 and 11.
(a) were not present when the directors resolved to give the notice; or
(b) voted against the resolution
9A if a notified foreign passport fund is giving the notice, a director of the operator of the fund unless the director proves that they: any contravention of subsection 670A(1) in relation to the document
(a) were not present when the directors resolved to give the notice; or See also items 10 and 11.
(b) voted against the resolution
all documents
10 a person named in the document, with their consent, as having made a statement: the inclusion of the statement in the document
(a) that is included in the document; or
(b) on which a statement made in the document is based
11 a person who contravenes, or is involved in a contravention of, subsection 670A(1) that contravention

670B(2)  
An action under subsection (1) may begin at any time within 6 years after the day on which the cause of action arose.

670B(3)  
This Chapter does not affect any liability that a person has under any other law.

Note: Conduct that contravenes subsection 670A(1) is expressly excluded from the operation of section 1041H .


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