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 6.9 - OTHER ACTIVITIES DURING THE BID PERIOD
History
Part 6.9 substituted by No 156 of 1999, Sch 1 (effective 13 March 2000).
SECTION 654C
DISCLOSURES ABOUT SUBSTANTIAL SHAREHOLDINGS IN UNLISTED COMPANIES
654C(1)
[Obligation to provide notice]
A bidder making a bid for securities of an unlisted company must give the target a notice stating the bidder's voting power in the target if, at a particular time during the bid period, the bidder's voting power in the target rises from below a percentage in the following list to that percentage or higher:
(a)
25%
(b)
50%
(c)
75%
(d)
90%.
654C(2)
[Time limit]
The notice must be given as soon as practicable, and in any event within 2 business days, after the rise in voting power occurred.
654C(3)
[Availability and lodgment of notice]
The target must:
(a)
make the notice available at its registered office for inspection without charge by any holder of bid class securities during the bid period; and
(b)
lodge the notice with ASIC.
History
S 654C inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).
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