Commonwealth Numbered Acts

COMPANIES (ACQUISITION OF SHARES) ACT 1980 No. 64 of 1980 - SECT 11

PART II-CONTROL OF ACQUISITION OF SHARES
11. (1) Except as provided by this Act, a person shall not, either alone or
together with another person or other persons, acquire shares in a company if
any person who is not entitled to any voting shares in the company or is
entitled to less than the prescribed percentage of the voting shares in the
company would, immediately after the acquisition, be entitled to more than the
prescribed percentage of the voting shares in the company.

(2) Except as provided by this Act, a person shall not, either alone or
together with another person or other persons, acquire shares in a company if
any person (in this sub-section referred to as a "relevant person") who is
entitled to not less than the prescribed percentage, but less than 90%, of the
voting shares in the company would, immediately after the acquisition, be
entitled to a greater percentage of the number of voting shares in the company
than the percentage to which that relevant person was entitled immediately
before the acquisition.

(3) A person shall not offer to acquire, or issue an invitation in relation
to, shares in a company if the person is prohibited by sub-section (1) of (2)
from acquiring those shares.

(4) It is a defence to a prosecution for a contravention of this section if
the defendant establishes that the contravention was due to his inadvertence
or mistake or to his not being aware of a relevant fact or occurrence.

(5) An acquisition of shares is not invalid by reason of a contravention of
this section.

(6) Sections 181, 183 and 185 of the Companies Ordinance 1962 have effect
subject to this section.

(7) A reference in this section to the prescribed percentage is a reference to
20% or, where a lesser percentage is prescribed by regulations in force for
the time being for the purposes of this section, a reference to that lesser
percentage.