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 6.10 - REVIEW AND INTERVENTION  

Division 3 - Court powers  

SECTION 659C   COURT PROCEEDINGS AFTER END OF BID PERIOD  

659C(1)    

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

(ii) impose a penalty if the person is found guilty;

(e)    the Court may:

(i) determine whether a person who engaged in, or was involved in, the conduct contravened a provision of this Act; and

(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);

(f)    the Court may make an order under section 1318 or 1322 in relation to the conduct.

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.