Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 664

664. (1) This section applies where:

   (a)  a takeover offer made in respect of shares in a company is subject to
        a condition of a kind referred to in subsection 642 (4) or (5); and

   (b)  during the takeover period the offeror becomes entitled to shares in
        the company in the same class as the first-mentioned shares otherwise
        than as a result of the acceptance of an offer under the takeover
        scheme.

(2) If the shares to which the offeror became entitled as mentioned in
paragraph (1) (b) constitute more than 20% of the voting shares in the
company, excluding any shares to which the offeror was entitled when the Part
A statement was served, the offer is free from the condition.

(3) If subsection (2) does not free the offer from the condition, then, for
the purpose of determining whether the condition has been fulfilled, the
offeror shall be deemed to have become entitled to the shares referred to in
paragraph (1) (b) as a result of receiving an acceptance or acceptances of an
offer or offers under the takeover scheme.

(4) Subsection (3) does not apply for the purpose of determining the number of
offers under a takeover scheme that have been accepted.