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 6B - RIGHTS AND LIABILITIES IN RELATION TO CHAPTER 6 AND 6A MATTERS

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History

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

SECTION 670E   LIABILITY FOR PROPOSING A BID OR NOT CARRYING THROUGH WITH BID  

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670E(1)  [Recovery for reliance on bid]  

A person who:

(a)  enters into a transaction relating to securities in reliance on:

(i) a public proposal for a takeover bid; or

(ii) an announcement of a market bid; and

(b)  suffers loss or damage that results from a contravention of section 631:

may recover the amount of the loss or damage from:

(c)  the person who contravened the section; or

(d)  any person involved in the contravention.

670E(2)  [Amount of compensation]  

To determine the amount of compensation payable under subsection (1), deduct the price of the securities at which the transaction was entered into from the price of the securities at which the transaction would have been likely to be entered into if the proposal or announcement had not been made.

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History

S 670E inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).

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