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CORPORATIONS ACT 2001

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

SECTION 670C  PEOPLE LIABLE ON TAKEOVER OR COMPULSORY ACQUISITION STATEMENT TO INFORM MAKER ABOUT DEFICIENCIES IN THE STATEMENT  

670C(1)  [Obligation to notify issuer]  


A person referred to in the table in subsection 670B(1) in relation to a document must notify the issuer of the document in writing as soon as practicable if they become aware during the bid period or objection period that:


(a) a material statement in the document is misleading or deceptive; or


(b) there is a material omission from the document of information required by section 636, 638 or 640; or


(c) a material new circumstance that:


(i) has arisen since the document was lodged; and

(ii) would have been required by section 636, 638 or 640 to be included in the document if it had arisen before the document was lodged.

670C(2)  [Target expert's obligation]  

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An expert whose report accompanies, or is included in, a target's statement under section 640 must notify the target in writing as soon as practicable if they become aware during the bid period or objection period that:


(a) a material statement in the report is misleading or deceptive; or


(b) there has been a significant change affecting information included in the report.

670C(3)  [Bidder expert's obligation]  

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An expert whose report accompanies, or is included in, a bidder's statement under subsection 636(2) must notify the bidder in writing as soon as practicable if they become aware during the bid period or objection period that:


(a) a material statement in the report is misleading or deceptive; or


(b) there has been a significant change affecting information included in the report.

670C(4)  [Strict liability offence]  

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An offence based on subsection (1), (2) or (3) is an offence of strict liability.

Note: For strict liability, see section 6.1 of the Criminal Code.


 



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