then:
- (c)
- the company's directors must ensure that a resolution to approve the bid
is voted on in accordance with those provisions before the approving
resolution deadline; and
- (d)
- if the directors fail to ensure that a resolution of that kind is voted on
before the deadline, each of the directors contravenes this subsection.
- Note: Subsection 648D(2) sets the approving resolution deadline.
(2) If a resolution to approve the bid is voted on in accordance with the
proportional takeover approval provisions before the approving resolution
deadline, the company must, on or before the deadline, give:
- (a)
- the bidder;
and
- (b)
- if the company is listedeach relevant securities exchange;
a written notice stating that a resolution to approve the bid has been voted
on and whether the resolution was passed or rejected.
(3) If no resolution to approve the bid has been voted on in accordance with
the proportional takeover approval provisions as at the end of the day before
the approving resolution deadline, a resolution to approve the bid is taken,
for the purposes of those provisions, to have been passed in accordance with
those provisions.