Corporations Act 2001
CCH note - modifying legislative instruments: The application of Ch 6 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Takeover Bids) Instrument 2023/683; the ASIC Corporations (Warrants: Relevant Interests and Associations) Instrument 2023/687; the ASIC Corporations (Replacement Bidder ' s and Target ' s Statements) Instrument 2023/688; and the ASIC Corporations (Relief to Facilitate Admission of Exchange Traded Funds) Instrument 2024/147.
For other legislative instruments or class orders before 1 January 2022 that affect the application of Ch 6, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
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 noteThe President of the Takeovers Panel may, after consultation with members of the Takeovers Panel, make rules, not inconsistent with this Act or the Regulations, to clarify or supplement the operation of the provisions of this Chapter.
658C(2)
In making rules under this section, the President of the Takeovers Panel must consider the purposes of this Chapter set out in section 602.
658C(3)
A rule under this section must be in writing and the President of the Takeovers Panel must: (a) publish notice of it in the Gazette ; and (b) give the Minister, and ASIC, a copy of the rule as soon as practicable after it is published in the Gazette .
658C(4)
Within 28 days after receiving the copy, the Minister may disallow the whole or a specified part of the rule.
658C(5)
If a person contravenes a rule made under this section, the Court may give directions for compliance with the rule to: (a) that person; or (b) if that person is a body corporate (other than a notified foreign passport fund) - the directors of the body corporate; or (c) if that person is a notified foreign passport fund - the directors of the operator of the fund.
The Court must give the person against whom the order is sought, and any person aggrieved by the contravention, an opportunity to be heard before giving directions under this subsection.
658C(6)
The Court may give a direction under subsection (5) only on application by: (a) ASIC; or (b) the President of the Takeovers Panel; or (c) a person aggrieved by the contravention.
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