CORPORATIONS ACT 2001

CHAPTER 6 - TAKEOVERS  

PART 6.5 - THE TAKEOVER PROCEDURE  

Division 2 - The bidder's statement  

SECTION 637   BIDDER'S STATEMENT FORMALITIES  

637(1)   Approval.  

The copy of the bidder's statement that is lodged with ASIC must be approved by:


(a) for a bidder that is a body corporate (other than a notified foreign passport fund):


(i) if the consideration offered under the bid is a cash sum only - a resolution passed by the directors of the bidder; or

(ii) otherwise - a unanimous resolution passed by all the directors of the bidder; or


(b) for a bidder who is an individual - the bidder.

637(2)  
The bidder's statement must be dated. The date is the date on which it is lodged with ASIC.

637(3)   Strict liability offences.  

An offence based on subsection (1) or (2) is an offence of strict liability.

Note: For strict liability , see section 6.1 of the Criminal Code .


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