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CORPORATIONS ACT 2001 No. 50, 2001 - 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.



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