Corporations Act 2001

CHAPTER 6 - TAKEOVERS  

Note: This Chapter only applies to acquisitions of interests in a CCIV if the CCIV is a listed company: see Division 1 of Part 8B.7 .

PART 6.4 - FORMULATING THE TAKEOVER OFFER  

Division 4 - Conditional offers  

SECTION 628  

628   CONDITIONS REQUIRING PAYMENTS TO OFFICERS OF TARGET NOT ALLOWED IN OFF-MARKET BIDS  


An offer to a person under an off-market bid must not be made subject to a condition that requires the person to approve or consent to a payment or other benefit to an officer or employee of the target or a related body corporate:

(a)    as compensation for loss of; or

(b)    as consideration in connection with retirement from;

any office or employment in connection with the management of the target or of a related body corporate. A purported requirement of this kind is void.


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