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

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History

Chapter 6 substituted by No 156 of 1999, Sch 1 (effective 13 March 2000).

PART 6.9 - OTHER ACTIVITIES DURING THE BID PERIOD

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History

Part 6.9 substituted by No 156 of 1999, Sch 1 (effective 13 March 2000).

SECTION 654C   DISCLOSURES ABOUT SUBSTANTIAL SHAREHOLDINGS IN UNLISTED COMPANIES  

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654C(1)  [Obligation to provide notice]  

A bidder making a bid for securities of an unlisted company must give the target a notice stating the bidder's voting power in the target if, at a particular time during the bid period, the bidder's voting power in the target rises from below a percentage in the following list to that percentage or higher:

(a)  25%

(b)  50%

(c)  75%

(d)  90%.

654C(2)  [Time limit]  

The notice must be given as soon as practicable, and in any event within 2 business days, after the rise in voting power occurred.

654C(3)  [Availability and lodgment of notice]  

The target must:

(a)  make the notice available at its registered office for inspection without charge by any holder of bid class securities during the bid period; and

(b)  lodge the notice with ASIC.

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History

S 654C inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).

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