Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 732

732. For the purposes of this Part, unacceptable circumstances shall be taken
to have occurred if, and only if:

   (a)  the shareholders and directors of a company:

        (i)    in the case of a company that is a corporation-did not know the
               identity of a person who proposed to acquire a substantial
               interest in the company; or

        (ii)   in the case of a company that is not a corporation-did not know
               the identity of a corporation that proposed to acquire a
               substantial interest in the company;

   (b)  the shareholders and directors of a company:

        (i)    in the case of a company that is a corporation-did not have a
               reasonable time in which to consider a proposal under which a
               person would acquire a substantial interest in the company; or

        (ii)   in the case of a company that is not a corporation-did not have
               a reasonable time in which to consider a proposal under which a
               corporation would acquire a substantial interest in the
               company;

   (c)  the shareholders and directors of a company:

        (i)    in the case of a company that is a corporation-were not
               supplied with sufficient information to enable them to assess
               the merits of a proposal under which a person would acquire a
               substantial interest in the company; or

        (ii)   in the case of a company that is not a corporation-were not
               supplied with sufficient information to enable them to assess
               the merits of a proposal under which a corporation would
               acquire a substantial interest in the company; or

   (d)  the shareholders of a company:

        (i)    in the case of a company that is a corporation-did not all have
               reasonable and equal opportunities to participate in any
               benefits, or to become entitled to participate in any benefits,
               accruing, whether directly or indirectly and whether
               immediately or in the future, to any shareholder or to any
               associate of a shareholder, in connection with the acquisition,
               or proposed acquisition, by any person of a substantial
               interest in the company; or

        (ii)   in the case of a company that is not a corporation-did not all
               have reasonable and equal opportunities to participate in any
               benefits, or to become entitled to participate in any benefits,
               accruing, whether directly or indirectly and whether
               immediately or in the future, to any shareholder or to any
               associate of a shareholder, in connection with the acquisition,
               or proposed acquisition, by any corporation of a substantial
               interest in the company.