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.