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CORPORATIONS ACT 2001

CHAPTER 6B - RIGHTS AND LIABILITIES IN RELATION TO CHAPTER 6 AND 6A MATTERS  

SECTION 670B  RIGHT TO RECOVER FOR LOSS OR DAMAGE RESULTING FROM CONTRAVENTION  

670B(1)  [Right to recover loss or damage]  


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
1the bidderany contravention of subsection 670A(1) in relation to the document
2each director of a bidder that is a body if the consideration offered under the bid is not a cash sum onlyany contravention of subsection 670A(1) in relation to the document
3a director of a bidder that is a body 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; orSee 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
4the bidderany contravention of subsection 670A(1) in relation to the document
5a director of a bidder that is a bodyany contravention of subsection 670A(1) in relation to the document
   See also items 10 and 11.
 a target's statement
6the targetany contravention of subsection 670A(1) in relation to the document
7a 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; orSee also items 10 and 11.
 (b)voted against the resolution 
 a compulsory acquisition or compulsory buy-out notice
8the person giving the noticeany contravention of subsection 670A(1) in relation to the document
9a director of a body corporate 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 
 all documents
10a 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 
11a person who contravenes, or is involved in a contravention of, subsection 670A(1)that contravention

670B(2)  [Time limit for cause of action]  


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)  [Liability under other law]  


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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