THE CORPORATIONS LAW
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82 The Corporations Law is as follows:...
CHAPTER 6 - TAKEOVERS
PART 6.4 - FORMULATING THE TAKEOVER OFFER
Division 4 - Conditional offers
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.
Note:
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.Note:
Paragraph 11(b) makes related bodies corporate associates of each other.This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.