Commonwealth Numbered Acts

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COMPANIES (ACQUISITION OF SHARES) ACT 1980 No. 64 of 1980 - SECT 46

Orders where offers not dispatched pursuant to Part A statement
46. (1) Where-

   (a)  a Part A statement relating to offers under a take-over scheme is
        served on a target company;

   (b)  after the Part A statement is served the offeror referred to in the
        Part A statement acquires shares in the company;

   (c)  the acquisition of those shares would, but for paragraph 13 (3) (a),
        have contravened section 11; and

   (d)  the offeror does not dispatch the offers to which the Part A statement
        relates within the period of 28 days after the Part A statement is
        served on the target company, the Court may, on the application of the
        Commission, do either or both of the following:

   (e)  make one or more of the orders referred to in sub-section 45 (1);

   (f)  order the offeror, within such time as is specified in the order, to
        dispatch in a manner approved by the Commission the offers to which
        the Part A statement relates.

(2) Where, under paragraph (1) (f), the Court orders a person to dispatch
offers, the Court may also order the person-

   (a)  to dispatch with each offer a notice setting out such information as
        the Court specifies; and

   (b)  within such period as is specified in the order, to serve on the
        target company, lodge with the Commission, and, if the target company
        is a listed public company, serve on the stock exchange that is the
        home exchange in relation to the target company, a copy of the notice.

(3) Where offers are dispatched pursuant to an order made by the Court under
paragraph (1) (f), the offers shall be deemed to be made under a take-over
scheme. 


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