Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 625

Conditional offers—general

Market bids

(1) Offers under a market bid must be unconditional.

Off-market bids may generally be conditional

(2) Offers under an off-market bid may be subject to conditions that are not prohibited by sections 626 to 629. (3) If:

the consideration offered is or includes securities; and

the offer or the bidder's statement states or implies that the securities are to be quoted on a stock market of a securities exchange (whether in Australia or elsewhere);

the following rules apply:

the offer is subject to a condition that:

an application for admission to quotation will be made within 7 days after the start of the bid period; and
permission for admission to quotation will be granted no later than 7 days after the end of the bid period;
the offer may not be freed from this condition.

Note: Section 1325A provides that a Court may make a remedial order if the condition is not satisfied.

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