Corporations Act 2001
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 .
CCH Note: Division 2 is modified by the ASIC Corporations (Takeover Bids) Instrument 2023/683; the ASIC Corporations (Warrants: Relevant Interests and Associations) Instrument 2023/687; and the ASIC Corporations (Replacement Bidder ' s and Target ' s Statements) Instrument 2023/688.
CCH Note: Subdivision A is modified by the ASIC Corporations (Takeover Bids) Instrument 2023/683; the ASIC Corporations (Warrants: Relevant Interests and Associations) Instrument 2023/687; and the ASIC Corporations (Replacement Bidder ' s and Target ' s Statements) Instrument 2023/688.
CCH Note: Section 656B is modified by the ASIC Corporations (Takeover Bids) Instrument 2023/683; the ASIC Corporations (Warrants: Relevant Interests and Associations) Instrument 2023/687; and the ASIC Corporations (Replacement Bidder ' s and Target ' s Statements) Instrument 2023/688.
Subject to this section, applying to the Takeovers Panel under section 656A for review of an ASIC decision does not: (a) affect the operation of the decision; or (b) prevent the taking of action to implement the decision.
656B(2)
On application by a party to the proceedings before the Takeovers Panel, the Takeovers Panel may: (a) make an order staying, or otherwise affecting the operation or implementation of, the whole or a part of the decision if the Takeovers Panel considers that:
(i) it is desirable to make the order after taking into account the interests of any person who may be affected by the review; and
(b) make an order varying or revoking an order made under paragraph (a) (including an order that has previously been varied on one or more occasions under this paragraph).
(ii) the order is appropriate for the purpose of securing the effectiveness of the hearing and determination of the application for review; or
656B(3)
Subject to subsection (4) , the Takeovers Panel must not: (a) make an order under paragraph (2)(a) unless ASIC has been given a reasonable opportunity to make a submission to the Takeovers Panel in relation to the matter; or (b) make an order under paragraph (2)(b) unless:
(i) ASIC; and
(ii) the person who requested the making of the order under paragraph (2)(a) ; and
have been given a reasonable opportunity to make submissions to the Takeovers Panel in relation to the matter.
(iii) if the order under paragraph (2)(a) has previously been varied by an order or orders under paragraph (2)(b) - the person or persons who applied for the last-mentioned order or orders;
656B(4)
Subsection (3) does not prohibit the Takeovers Panel from making an order without giving to a person referred to in that subsection a reasonable opportunity to make a submission to the Takeovers Panel in relation to a matter if the Takeovers Panel is satisfied that, by reason of the urgency of the case or otherwise, it is not practicable to give that person such an opportunity. If an order is so made without giving such an opportunity to ASIC, the order does not come into operation until a notice setting out the terms of the order is served on ASIC.
656B(5)
An order in force under paragraph (2)(a) (including an order that has previously been varied on one or more occasions under paragraph (2)(b) ): (a) is subject to the conditions that are specified in the order; and (b) has effect until:
(i) if a period for the operation of the order is specified in the order - the end of that period or, if the application for review is decided by the Takeovers Panel before the end of that period, the decision of the Takeovers Panel on the application for review comes into operation; or
(ii) if a period for the operation of the order is not specified in the order - the decision of the Takeovers Panel on the application for review comes into operation.
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.