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 .
View history note
Hide history noteCCH 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: Section 637 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.
Approval
637(1)
The copy of the bidder ' s statement that is lodged with ASIC must be approved by: (a) for a bidder that is a body corporate (other than a notified foreign passport fund):
(i) if the consideration offered under the bid is a cash sum only - a resolution passed by the directors of the bidder; or
(b) for a bidder who is an individual - the bidder.
(ii) otherwise - a unanimous resolution passed by all the directors of the bidder; or
[ CCH Note: S 637(1) will be amended by No 69 of 2020, s 3, Sch 1[997], by substituting " the Registrar " for " ASIC " , (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
637(2)
The bidder ' s statement must be dated. The date is the date on which it is lodged with ASIC.
[ CCH Note: S 637(2) will be amended by No 69 of 2020, s 3, Sch 1[997], by substituting " the Registrar " for " ASIC " , (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
Strict liability offences
637(3)
An offence based on subsection (1) or (2) is an offence of strict liability.
Note: For strict liability , see section 6.1 of the Criminal Code .
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