Commonwealth Repealed Acts
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This legislation has been repealed.
CORPORATIONS LAW- SECT 629 Conditions turning on bidder's or associate's opinion not allowed in off-market bids
- (1)
- Offers under an off-market bid must not be subject to a defeating
condition if the fulfilment of the condition depends on:
- (a)
- the bidder's, or an associate's, opinion, belief or other state of mind;
or
- (b)
- the happening of an event that is within the sole control of, or is a
direct result of action by, any of the following:
- (i)
- the bidder (acting alone or together with an associate or associates)
- (ii)
- an associate (acting alone or together with the bidder or another
associate or associates of the bidder).
A purported condition of this kind is void.
Note: Section 9 defines defeating condition.
Sections 630, 650F and 650G deal with defeating conditions.
- (2)
- For the purposes of paragraph (1)(b):
- (a)
- the target; and
- (b)
- a subsidiary of the target;
are taken not to be associates of the bidder if they would otherwise be an
associate merely because they are a related body corporate.
Note: Paragraph 11(b) makes related bodies corporate associates
of each other.