Corporations Act 2001

CHAPTER 6 - TAKEOVERS  

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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