Corporations Act 2001
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 .
View history note
Hide history noteCCH Note: Division 3 is modified by the ASIC Corporations (Takeover Bids) Instrument 2023/683; the ASIC Corporations (Warrants: Relevant Interests and Associations) Instrument 2023/687; and the ASIC Corporations (Replacement Bidder ' s and Target ' s Statements) Instrument 2023/688.
CCH Note: Section 659C is modified by the ASIC Corporations (Takeover Bids) Instrument 2023/683; the ASIC Corporations (Warrants: Relevant Interests and Associations) Instrument 2023/687; and the ASIC Corporations (Replacement Bidder ' s and Target ' s Statements) Instrument 2023/688.
If: (a) an application is made to the Takeovers Panel for a declaration under section 657A that particular conduct amounts to, or leads to, circumstances that are unacceptable; and (b) the Takeovers Panel refuses to make the declaration; and (c) a Court finds after the end of the bid period that the conduct contravenes this Act;
the Court's powers under this Act in relation to the conduct are limited to the following:
(d) the Court may:
(i) determine whether a person is guilty of an offence against this Act because they engaged in or were involved in the conduct; and
(e) the Court may:
(ii) impose a penalty if the person is found guilty;
(i) determine whether a person who engaged in, or was involved in, the conduct contravened a provision of this Act; and
(f) the Court may make an order under section 1318 or 1322 in relation to the conduct.
(ii) order the person to pay an amount of money to another person (whether by way of damages, account of profits, pecuniary penalty or otherwise);
This subsection does not confer power or jurisdiction on a court that it does not have apart from this subsection.
659C(2)
Without limiting subsection (1) , the only kind of remedial order that the Court may make is one that requires the person to pay money to another person.
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