Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 644

  (1)   If a target becomes aware of:

  (a)   a misleading or deceptive statement in the target's statement; or

  (b)   an omission from the target's statement of information required by section   638; or

  (c)   a new circumstance that:

  (i)   has arisen since the target's statement was lodged; and

  (ii)   would have been required by section   638 to be included in the target's statement if it had arisen before the target's statement was lodged;

that is material from the point of view of a holder of bid class securities, the target must prepare a supplementary target's statement that remedies this defect.

Note 1:   The target must then send and lodge the supplementary target's statement in accordance with section   647.

Note 2:   Section   670A makes it an offence to give a target's statement after the target has become aware of a misleading or deceptive statement, omission or new circumstance that is material from the point of view of a holder of securities to whom the statement is given (unless the deficiency is corrected).

Note 3:   The power to issue a supplementary target's statement is not limited to the situations dealt with in this section.

Note 4:   This section applies to a target's statement that has already been previously supplemented.

  (2)   For an offence based on subsection   (1), strict liability applies to the conduct, that the target must prepare a supplementary target's statement that remedies the defect.

Note:   For strict liability , see section   6.1 of the Criminal Code .