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 noteIf a target becomes aware of: (a) a misleading or deceptive statement in the target ' s statement; or (b) an omission from the target ' s statement of information required by section 638 ; or (c) a new circumstance that:
(i) has arisen since the target ' s statement was lodged; and
(ii) would have been required by section 638 to be included in the target ' s statement if it had arisen before the target ' s statement was lodged;
that is material from the point of view of a holder of bid class securities, the target must prepare a supplementary target ' s statement that remedies this defect.
Note 1: The target must then send and lodge the supplementary target ' s statement in accordance with section 647 .
Note 2: Section 670A makes it an offence to give a target ' s statement after the target has become aware of a misleading or deceptive statement, omission or new circumstance that is material from the point of view of a holder of securities to whom the statement is given (unless the deficiency is corrected).
Note 3: The power to issue a supplementary target ' s statement is not limited to the situations dealt with in this section.
Note 4: This section applies to a target ' s statement that has already been previously supplemented.
[ CCH Note: S 644(1) will be amended by No 69 of 2020, s 3, Sch 1[1001], by inserting " with the Registrar " at the end of para (c)(i) (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
644(2)
For an offence based on subsection (1) , strict liability applies to the conduct, that the target must prepare a supplementary target ' s statement that remedies the defect.
Note: For strict liability , see section 6.1 of the Criminal Code .
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