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CORPORATIONS ACT 2001 - SECT 670B

Right to recover for loss or damage resulting from contravention

  (1)   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:

(a) were not present when the directors resolved to adopt the statement or offer document; or

(b) voted against the resolution;

if the consideration offered under the bid is a cash sum only

any contravention of subsection   670A(1) in relation to the document

 

See also items   10 and 11.

 

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:

(a) were not present when the directors resolved to adopt the statement; or

(b) voted against the resolution

any contravention of subsection   670A(1) in relation to the document

 

See also items   10 and 11.

 

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:

(a) were not present when the directors resolved to give the notice; or

(b) voted against the resolution

any contravention of subsection   670A(1) in relation to the document

 

See also items   10 and 11.

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:

(a) were not present when the directors resolved to give the notice; or

(b) voted against the resolution

any contravention of subsection   670A(1) in relation to the document

 

See also items   10 and 11.

 

10

all documents

a person named in the document, with their consent, as having made a statement:

(a) that is included in the document; or

(b) on which a statement made in the document is based

 

the inclusion of the statement in the document

11

a person who contravenes, or is involved in a contravention of, subsection   670A(1)

that contravention

  (2)   An action under subsection   (1) may begin at any time within 6 years after the day on which the cause of action arose.

  (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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