Document ID: chunk:federal_register_of_legislation:C2004A03309:body:0:p12
Version: federal_register_of_legislation:C2004A03309
Segment Type: other
Provision Reference: 
Character Range: 26865–29592

the take-over scheme shall, for the purposes of those provisions, be deemed to have been passed in accordance with those provisions.
"(7) Where—
(a) the constituent documents of a company contain take-over approval provisions; and
(b) a resolution to approve a take-over scheme under which offers have been made in accordance with sub-paragraph 16 (2) (a) (ii) is voted on, in accordance with those provisions, before the relevant day in relation to the take-over scheme and is rejected,
then—
(c) notwithstanding section 21, all offers under the take-over scheme that have not, as at the end of the relevant day, been accepted, and all offers (in this sub-section referred to as the 'accepted offers') under the take-over scheme that have been accepted and from whose acceptance binding contracts have not, as at the end of the relevant day, resulted, shall be deemed to be withdrawn at the end of the relevant day;
(d) the offeror shall, forthwith after the end of the relevant day, return to each person who has accepted any of the accepted offers any documents that were sent by the person to the offeror with the acceptance of the offer;
(e) the offeror is entitled to rescind, and shall, forthwith after the end of the relevant day, rescind, each contract resulting from the acceptance of an offer made under the take-over scheme; and
(f) a person who has accepted an offer made under the take-over scheme is entitled to rescind the contract (if any) resulting from that acceptance.
"(8) This section and section 31b have effect notwithstanding anything contained in the business rules or listing rules of a securities exchange, in the constituent documents of a company, or in any agreement.

Provisions relating to the inclusion, effect and renewal of take-over approval provisions
"31b. (1) In this section—
'renew', in relation to take-over approval provisions of a company, means renew under sub-section (3);
'requirement', in relation to a company, includes a requirement of a law or of the constituent documents of the company;
'take-over approval provisions', in relation to a company, means provisions of the kind referred to in sub-section 31a (2) that are contained in the constituent documents of the company.
"(2) Take-over approval provisions of a company, unless sooner omitted from the constituent documents of the company, cease to have effect at the end of—
(a) unless paragraph (b) or (c) applies—3 years;
(b) if the constituent documents provide that the provisions have effect for 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