Corporations Amendment (Takeovers) Act 2007 (64 of 2007)

Schedule 1   Amendment of the takeovers provisions

Corporations Act 2001

2   After section 602

Insert:

602A Substantial interest concept

(1) A reference in this Chapter to a substantial interest in a company, listed body or listed managed investment scheme is not to be read as being limited to an interest that is constituted by one or more of the following:

(a) a relevant interest in securities in the company, body or scheme;

(b) a legal or equitable interest in securities in the company, body or scheme;

(c) a power or right in relation to:

(i) the company, body or scheme; or

(ii) securities in the company, body or scheme.

(2) A person does not have a substantial interest in the company, body or scheme for the purposes of this Chapter merely because the person has an interest in, or a relationship with, the company, body or scheme of a kind prescribed by the regulations for the purposes of this subsection.

(3) The regulations may provide that an interest of a particular kind is an interest that may constitute a substantial interest in a company, listed body or listed managed investment scheme for the purposes of this Chapter.