Commonwealth Numbered Acts

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COMPANIES (ACQUISITION OF SHARES) ACT 1980 No. 64 of 1980 - SECT 59

Commission to take account of certain matters
59. In exercising any of its powers under section 57 or 58, the Commission
shall take account of the desirability of ensuring that the acquisition of
shares in companies takes place in an efficient, competitive and informed
market and, without limiting the generality of the foregoing, shall have
regard to the need to ensure-

   (a)  that the shareholders and directors of a company know the identity of
        any person who proposes to acquire a substantial interest in the
        company;

   (b)  that the shareholders and directors of a company have a reasonable
        time in which to consider any proposal under which a person would
        acquire a substantial interest in the company;

   (c)  that the shareholders and directors of a company are supplied with
        sufficient information to enable them to assess the merits of any
        proposal under which a person would acquire a substantial interest in
        the company; and

   (d)  that, as far as practicable, all shareholders of a company have equal
        opportunities to participate in any benefits accruing to shareholders
        under any proposal under which a person would acquire a substantial
        interest in the company, but nothing in this section shall be taken to
        require the Commission to exercise any of its powers in a particular
        way in a particular case. 


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