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 6.5 - THE TAKEOVER PROCEDURE  

Division 5 - General rules on takeover procedure  

Subdivision A - Experts ' reports  

SECTION 648A   EXPERTS ' REPORTS  

648A(1)    
If the bidder or target obtains 2 or more reports each of which could be used for the purposes of subparagraph 636(1)(h)(iii) or subsection 640(1) , the bidder ' s or target ' s statement must be accompanied by a copy of each report.

648A(1A)    

An offence based on subsection (1) is an offence of strict liability.

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

648A(2)    
The expert must be someone other than an associate of the bidder or target.

648A(3)    
The report must set out details of:

(a)    any relationship between the expert and:

(i) the bidder or an associate of the bidder; or

(ii) the target or an associate of the target;

including any circumstances in which the expert gives them advice, or acts on their behalf, in the proper performance of the functions attaching to the expert ' s professional capacity or business relationship with them; and

(b)    any financial or other interest of the expert that could reasonably be regarded as being capable of affecting the expert ' s ability to give an unbiased opinion in relation to the matter being reported on; and

(c)    any fee, payment or other benefit (whether direct or indirect) that the expert has received or will or may receive in connection with making the report.

Note: If the statement includes, or is accompanied by, the report, it must state that the expert has consented to this being done (see subsections 636(3) and 638(5) ).