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CORPORATIONS ACT 2001 - SECT 670C

People liable on takeover or compulsory acquisition statement to inform maker about deficiencies in the statement

             (1)  A person referred to in the table in subsection 670B(1) in relation to a document must notify the issuer of the document in writing as soon as practicable if they become aware during the bid period or objection period that:

                     (a)  a material statement in the document is misleading or deceptive; or

                     (b)  there is a material omission from the document of information required by section 636, 638 or 640; or

                     (c)  a material new circumstance that:

                              (i)  has arisen since the document was lodged; and

                             (ii)  would have been required by section 636, 638 or 640 to be included in the document if it had arisen before the document was lodged.

             (2)  An expert whose report accompanies, or is included in, a target's statement under section 640 must notify the target in writing as soon as practicable if they become aware during the bid period or objection period that:

                     (a)  a material statement in the report is misleading or deceptive; or

                     (b)  there has been a significant change affecting information included in the report.

             (3)  An expert whose report accompanies, or is included in, a bidder's statement under subsection 636(2) must notify the bidder in writing as soon as practicable if they become aware during the bid period or objection period that:

                     (a)  a material statement in the report is misleading or deceptive; or

                     (b)  there has been a significant change affecting information included in the report.

             (4)  An offence based on subsection (1), (2) or (3) is an offence of strict liability.

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



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