Corporations Act 2001

CHAPTER 6B - RIGHTS AND LIABILITIES IN RELATION TO CHAPTER 6 AND 6A MATTERS  

SECTION 670C   PEOPLE LIABLE ON TAKEOVER OR COMPULSORY ACQUISITION STATEMENT TO INFORM MAKER ABOUT DEFICIENCIES IN THE STATEMENT  

670C(1)    
A person referred to in the table in subsection 670B(1) in relation to a document must notify the issuer of the document in writing as soon as practicable if they become aware during the bid period or objection period that:

(a)    a material statement in the document is misleading or deceptive; or

(b)    there is a material omission from the document of information required by section 636 , 638 or 640 ; or

(c)    a material new circumstance that:

(i) has arisen since the document was lodged; and

(ii) would have been required by section 636 , 638 or 640 to be included in the document if it had arisen before the document was lodged.

670C(2)    

An expert whose report accompanies, or is included in, a target's statement under section 640 must notify the target in writing as soon as practicable if they become aware during the bid period or objection period that:

(a)    a material statement in the report is misleading or deceptive; or

(b)    there has been a significant change affecting information included in the report.

670C(3)    

An expert whose report accompanies, or is included in, a bidder's statement under subsection 636(2) must notify the bidder in writing as soon as practicable if they become aware during the bid period or objection period that:

(a)    a material statement in the report is misleading or deceptive; or

(b)    there has been a significant change affecting information included in the report.

670C(4)    

An offence based on subsection (1) , (2) or (3) is an offence of strict liability.

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