Foreign Acquisitions and Takeovers Amendment Act 2010 (1 of 2010)

Schedule 1   Amendments

Foreign Acquisitions and Takeovers Act 1975

12   At the end of section 14

Add:

(2) In this Act, a reference to potential voting power in a corporation is a reference to the voting power in the corporation, on the assumption that the votes that might be cast at a general meeting of the corporation included each vote that:

(a) because of the exercise of a right (whether the right is exercisable presently or in the future and whether on the fulfilment of a condition or not), might come to exist in the future; and

(b) if it came into existence, might be cast at a general meeting of the corporation.

(3) In determining how much of the potential voting power in a corporation a person is in a position to control at a particular time, if:

(a) a right exists that, if exercised, might result in the person being in a position to control more of the potential voting power in the corporation than the person would be in a position to control if the right were not exercised; and

(b) it cannot be determined at that time (whether from the right itself or from the circumstances existing at that time) whether the exercise of the right would have that result;

assume that the right were exercised at that time.