Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 682

682. (1) Where:

   (a)  an appropriate dealer makes an announcement, in accordance with this
        Division, at a relevant official meeting; and

   (b)  a person (whether on the person's own behalf or on behalf of another)
        accepts an offer made by the announcement; then:

   (c)  unless paragraph (d) applies-the dealer; or

   (d)  if the dealer is acting as agent for a member of a securities
        exchange-that member; shall be deemed to have contracted as principal
        with that person to acquire the shares to which the acceptance
        relates, but nothing in this subsection affects the rights and
        obligations between the dealer, or that member, as the case may be,
        and the offeror.

(2) Where, in respect of a contract that resulted from the acceptance of an
offer made under a takeover announcement, a member of a stock exchange who
contracted, or is deemed by subsection (1) to have contracted, as principal
with the person who accepted the offer was, when the contract was made, a
partner in a partnership that carried on a securities business, any
liabilities of the member arising because of the member so having contracted,
or being deemed to have contracted, as principal are joint and several
liabilities of the persons who were the partners in the partnership at that
time.