Corporations Act 2001
CHAPTER 6
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TAKEOVERS
PART 6.5
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THE TAKEOVER PROCEDURE
Division 2
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The bidder's statement
SECTION 637
BIDDER
'
S STATEMENT FORMALITIES
Approval
637(1)
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):
(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.
Strict liability offences
637(3)
An offence based on subsection (1) or (2) is an offence of strict liability.
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.
[ CCH Note: S 637(1) will be amended by No 69 of 2020, s 3, Sch 1[997], by substituting " the Registrar " for " ASIC " , (effective 22 June 2022 or a day or days to be fixed by Proclamation).]
View history note
Hide history noteThe bidder's statement must be dated. The date is the date on which it is lodged with ASIC.
[ CCH Note: S 637(2) will be amended by No 69 of 2020, s 3, Sch 1[997], by substituting " the Registrar " for " ASIC " , (effective 22 June 2022 or a day or days to be fixed by Proclamation).]
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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