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 3 - The target ' s response  

SECTION 641A   USE OR DISCLOSURE OF INFORMATION OBTAINED FROM TARGET  

641A(1)    
A person (the first person ) contravenes this subsection if:

(a)    the target gives the bidder information under section 641 in relation to another person; and

(b)    the first person:

(i) is the bidder; or

(ii) obtains the information from the bidder (whether directly or indirectly); and

(c)    the first person uses or discloses the information; and

(d)    the use or disclosure is not for the purposes of sending a document, or otherwise complying with an obligation under this Act, in relation to:

(i) the takeover bid; or

(ii) a compulsory acquisition of securities under Part 6A.1 relating to the takeover bid.

Civil penalty:

(a) for an individual - 2,000 penalty units; and

(b) for a body corporate - 10,000 penalty units.

641A(2)    
Subsection (1) does not apply if the use or disclosure is required or permitted by a law of the Commonwealth or a prescribed law of a State or internal Territory.

641A(3)    
A person who contravenes subsection (1) is not guilty of an offence.

Note: Subsection (1) is a civil penalty provision (see section 1317E ).