Document ID: chunk:federal_register_of_legislation:C2004A03309:body:0:p13
Version: federal_register_of_legislation:C2004A03309
Segment Type: other
Provision Reference: 
Character Range: 29374–32099

a specified period of less than 3 years and the provisions have not been renewed—the specified period; or
(c) if the provisions have been renewed on at least one occasion and the resolution, or the later or last of the resolutions, as the case requires, renewing the provisions states that the provisions are renewed for a specified period of less than 3 years—the specified period,
commencing—
(d) if the provisions were contained in the constituent documents at the time when the company was incorporated or formed and have not been renewed—at that time;
(e) if the provisions were inserted in the constituent documents and have not been renewed—at the time when the provisions were so inserted; or
(f) if the provisions have been renewed on at least one occasion—at the time when the provisions were renewed, or last renewed, as the case requires,
and, upon the provisions ceasing to have effect, the constituent documents are, by force of this sub-section, altered by omitting the provisions.
"(3) A company may renew take-over approval provisions of the company in any manner in which the company may alter its constituent documents by inserting such provisions and shall, in relation to a renewal of such provisions, comply with the requirements that apply in relation to such an alteration of its constituent documents, being an alteration in the manner in which the renewal is effected.
"(4) A company shall, with every notice that—
(a) specifies the intention to propose—

(i) a resolution for the alteration of the constituent documents of the company by inserting take-over approval provisions; or
(ii) a resolution to renew take-over approval provisions of the company; and
(b) is sent to a person who is entitled to vote on the proposed resolution,
send a statement that—
(c) explains the effect of the proposed provisions, or of the provisions proposed to be renewed, as the case may be;
(d) explains the reasons for proposing the resolution and sets out the factual matters and principles underlying those reasons;
(e) states whether, as at the day on which the statement is prepared, any of the directors of the company is aware of a proposal by a person to acquire, or to increase the extent of, a substantial interest in the company and, if so, explains the extent (if any) to which such a proposal has influenced the decision to propose the resolution;
(f) in a case where sub-paragraph (a) (ii) applies—reviews both the advantages, and disadvantages, of the provisions proposed to be renewed for the directors, and the members, respectively, of the company during the period during which the provisions have been in effect; and
(g) discusses both the potential advantages, and the potential disadvantages,