Commonwealth Numbered Acts

COMPANIES (ACQUISITION OF SHARES) ACT 1980 No. 64 of 1980 - SECT 22

22. (1) Where a target company receives a Part A statement served under
paragraph 16 (2) (d), the target company shall-

   (a)  not later than 14 days after receipt of the Part A statement, give a
        Part B statement to the offeror; or

   (b)  not later than 14 days after the receipt of the notice mentioned in
        sub-section 24 (1), give a Part B statement to the offeror and a copy
        of that statement to each person to whom an offer to which the
        Part A statement relates was made.

(2) The Part B statement shall-

   (a)  be signed by all the directors of the target company or by not less
        than 2 directors of the target company authorized so to sign pursuant
        to a resolution passed at a meeting of the directors or, in the case
        of a company that has only one director, by that director; or

   (b)  if the company is in the course of being wound up or is under official
        management-be signed by the liquidator or official manager, as the
        case may be.

(3) A Part B statement shall not refer to any report made by an expert (other
than a report set out in the Part A statement or a report that accompanies the
Part B statement in accordance with section 23) unless-

   (a)  the report is set out in the Part B statement; and

   (b)  the Part B statement contains or is accompanied by a statement that
        the person or each of the persons by whom the report is made consents
        to the inclusion of the report in the form and context in which it is
        included.

(4) A target company that gives a Part B statement under sub-section (1)
shall, on the day on which the Part B statement is given-

   (a)  if the company is a listed public company-serve on the stock exchange
        that is the home exchange in relation to the company; and

   (b)  lodge with the Commission, a copy of the Part B statement and of any
        report or statement accompanying the Part B statement.

(5) A Part B statement may contain, in addition to the information referred to
in Part B of the Schedule, such information (not being information that is
false in a material particular or materially misleading in the form or context
in which it appears) as the directors of the target company, or the liquidator
or official manager, as the case may be, think or thinks fit.