THE CORPORATIONS LAW

CCH Note: Part 13 of the Corporations Act 1989, inserted by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as follows:

PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82
The Corporations Law is as follows:...

SECTION 629 CONDITIONS TURNING ON BIDDER'S OR ASSOCIATE'S OPINION NOT ALLOWED IN OFF-MARKET BIDS

629(1) [Defeating condition]

Offers under an off-market bid must not be subject to a defeating condition if the fulfilment of the condition depends on:

(a) the bidder's, or an associate's, opinion, belief or other state of mind; or

(b) the happening of an event that is within the sole control of, or is a direct result of action by, any of the following:

(i) the bidder (acting alone or together with an associate or associates)

(ii) an associate (acting alone or together with the bidder or another associate or associates of the bidder).

A purported condition of this kind is void.

Section 9 defines defeating condition . Sections 630, 650F and 650G deal with defeating conditions.

629(2) [Definition of target]

For the purposes of paragraph (1)(b):

(a) the target; and

(b) a subsidiary of the target;

are taken not to be associates of the bidder if they would otherwise be an associate merely because they are a related body corporate.

Paragraph 11(b) makes related bodies corporate associates of each other.