Corporations Act 2001
A person who suffers loss or damage that results from a contravention of subsection 670A(1) may recover the amount of the loss or damage from a person referred to in the following table if the loss or damage is one that the table makes the person liable for. This is so even if the person did not commit, and was not involved in, the contravention.
| People liable on the document | [ operative table ] | ||
| For these documents | |||
| these people … | … are liable for loss or damages caused by | ||
| bidder's statement or takeover offer document | |||
| 1 | the bidder | any contravention of subsection 670A(1) in relation to the document | |
| 2 | each director of a bidder that is a body if the consideration offered under the bid is not a cash sum only | any contravention of subsection 670A(1) in relation to the document | |
| 3 | a director of a bidder that is a body (other than a notified foreign passport fund) unless the director proves that they: | any contravention of subsection 670A(1) in relation to the document | |
| (a) | were not present when the directors resolved to adopt the statement or offer document; or | See also items 10 and 11. | |
| (b) | voted against the resolution; | ||
| if the consideration offered under the bid is a cash sum only | |||
| notice of variation of a takeover offer | |||
| 4 | the bidder | any contravention of subsection 670A(1) in relation to the document | |
| 5 | a director of a bidder that is a body | any contravention of subsection 670A(1) in relation to the document | |
| See also items 10 and 11. | |||
| a target's statement | |||
| 6 | the target | any contravention of subsection 670A(1) in relation to the document | |
| 7 | a director of the target unless the director proves that they: | any contravention of subsection 670A(1) in relation to the document | |
| (a) | were not present when the directors resolved to adopt the statement; or | See also items 10 and 11. | |
| (b) | voted against the resolution | ||
| a compulsory acquisition or compulsory buy-out notice | |||
| 8 | the person giving the notice | any contravention of subsection 670A(1) in relation to the document | |
| 9 | a director of a body corporate (other than a notified foreign passport fund) giving the notice unless the director proves that they: | any contravention of subsection 670A(1) in relation to the document
See also items 10 and 11. |
|
| (a) | were not present when the directors resolved to give the notice; or | ||
| (b) | voted against the resolution | ||
| 9A | if a notified foreign passport fund is giving the notice, a director of the operator of the fund unless the director proves that they: | any contravention of subsection 670A(1) in relation to the document | |
| (a) | were not present when the directors resolved to give the notice; or | See also items 10 and 11. | |
| (b) | voted against the resolution | ||
| all documents | |||
| 10 | a person named in the document, with their consent, as having made a statement: | the inclusion of the statement in the document | |
| (a) | that is included in the document; or | ||
| (b) | on which a statement made in the document is based | ||
| 11 | a person who contravenes, or is involved in a contravention of, subsection 670A(1) | that contravention |
View history note
Hide history note670B(2)
An action under subsection (1) may begin at any time within 6 years after the day on which the cause of action arose.
670B(3)
This Chapter does not affect any liability that a person has under any other law.
Note: Conduct that contravenes subsection 670A(1) is expressly excluded from the operation of section 1041H .
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