THE CORPORATIONS LAW

CCH Note: Part 13 of the Corporations Act 1989, inserted by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as follows:

PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82
The Corporations Law is as follows:...

CHAPTER 6 - TAKEOVERS

View history reference

View history note

PART 6.5 - THE TAKEOVER PROCEDURE

View history note

Division 3 - The target's response

SECTION 641 TARGET MUST INFORM BIDDER ABOUT SECURITIES HOLDINGS

View history reference

641(1) Requirement to inform bidder and information that must be given.

If the bidder has given a bidder's statement to the target and requested the target to give the bidder information in accordance with this section, the target must inform the bidder of:

(a) the name and address of each person who, at a time specified by the bidder under subsection (2), held securities:

(i) in the bid class; or

(ii) convertible into securities in the bid class; and

(b) the type, and number of each type, of those securities held by the person at the specified time.

However, the target does not need to give information to the bidder about a person or their holding of securities unless the target knows the person's name.

641(2) Time at which target's information must be correct.

The bidder's request must specify a day as at which the information must be correct. The day must be one that occurs after the day on which the bidder makes the request unless the target agrees to it being the day on which the bidder makes the request.

641(3) Form in which target must provide information.

The target must give the information to the bidder:

(a) in the form that the bidder requests; or

(b) if the target is unable to comply with the request - in writing.

641(4) [Information in electronic form]

If the target must give the information to the bidder in electronic form, the information must be readable but the information need not be formatted for the bidder's preferred operating system.

641(5) Fee for provision of information.

The target may require the bidder to pay an amount, not exceeding the prescribed amount, for the provision of the information to the bidder.

641(6) Time by which target must provide information.

The target must give the information to the bidder no later than the latest of the following times:

(a) the end of the second day after the day on which the bidder requested the information; or

(b) the end of the next day after the day as at which the information must be correct; or

(c) the time when the target receives the amount mentioned in subsection (5).

View history note

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.