Commonwealth Numbered Acts

COMPANIES (ACQUISITION OF SHARES) ACT 1980 No. 64 of 1980 - SECT 48

48. (1) Where a person has contravened or failed to comply with a provision of
this Act and the Court is satisfied that the contravention or failure was due
to inadvertence, mistake or circumstances beyond his control and that the
contravention or failure ought to be excused or is satisfied on any other
grounds that the contravention or failure ought to be excused, the Court may,
on the application of an interested person, make such order as it thinks fit
declaring any act or matter not to be invalid by reason of the contravention
or failure and declaring any act or matter to have force or effect as if there
had been no such contravention or failure.

(2) Where-

   (a)  offers to acquire shares in a company, being offers that purported to
        be made under a take-over scheme, have been made;

   (b)  a requirement of sub-section 16 (2) has not been complied with; and

   (c)  the Court is satisfied, on application made by the person who made the
        offers, that the non-compliance was due to inadvertence, mistake or
        circumstances beyond his control and that the non-compliance ought to
        be disregarded, or is satisfied on any other grounds that the
        non-compliance ought to be disregarded, the Court may make an order
        directing that the offers shall be deemed to have been made under a
        take-over scheme.

(3) Where-

   (a)  a document purporting to be a Part A statement or a Part C statement
        is served on a company;

   (b)  the document does not comply with all the requirements of Part A or
        Part C, as the case may be, of the Schedule; and

   (c)  the Court is satisfied, on application by the person by whom or on
        whose behalf the document was served, that the non-compliance was due
        to inadvertence, mistake or circumstances beyond his control and that
        the non-compliance ought to be disregarded, or is satisfied on any
        other grounds that the non-compliance ought to be disregarded, the
        Court may make an order directing that the document shall be deemed to
        be, and at all relevant times to have been, a Part A statement or a
        Part C statement, as the case may be.

(4) This section has effect notwithstanding anything contained in any other
provision of this Act.