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:...
CHAPTER 6 - TAKEOVERS
History
Chapter 6 substituted by No 156 of 1999, Sch 1 (effective 13 March 2000).
PART 6.5 - THE TAKEOVER PROCEDURE
History
Part 6.5 substituted by No 156 of 1999, Sch 1 (effective 13 March 2000).
Division 3 - The target's response
SECTION 642
EXPENSES OF DIRECTORS OF TARGET COMPANIES
642(1)
[Recovery of expenses from company]
If the target is a company or body, the directors of the target have a right to recover from the target any expenses they reasonably incur in the interest of members of the target and in relation to the takeover bid. The directors have this right regardless of anything contained in the target's constitution (if any).
642(2)
[Recovery of expenses from scheme property]
If the target is a managed investment scheme, the responsible entity for the scheme has a right to recover from scheme property any expenses it reasonably incurs in the interest of members of the scheme and in relation to the takeover bid. The responsible entity has this right regardless of anything contained in the scheme's constitution.
History
S 642 substituted by No 156 of 1999, Sch 1 (effective 13 March 2000).
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