Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 650G

Contracts and acceptances void if defeating condition not fulfilled

All takeover contracts, and all acceptances that have not resulted in binding takeover contracts, for an off-market bid are void if:

(a)
offers made under the bid have at any time been subject to a defeating condition; and

(b)
the bidder has not declared the offers to be free from the condition within the period before the date applicable under subsection 630(1) or (2); and

(c)
the condition has not been fulfilled at the end of the offer period.

A transfer of securities based on an acceptance or contract that is void under this section must not be registered.



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