Document ID: chunk:federal_register_of_legislation:C2004A02530:body:0:p3
Version: federal_register_of_legislation:C2004A02530
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to amend laws relating to companies and securities and for related purposes

[Assented to 26 October 1981]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

PART I—PRELIMINARY

Short title
1. This Act may be cited as the Companies and Securities Legislation (Miscellaneous Amendments) Act 1981.

Commencement
2. (1) Part I shall come into operation on the day on which this Act receives the Royal Assent.
(2) Parts II, III, IV and VI shall come into operation on such date as is, or on such respective dates as are, fixed by Proclamation.
(3) Part V shall be deemed to have come into operation on the day on which the Securities Industry (Fees) Act 1980 came into operation.
(4) Parts VII, VIII, IX, X and XI shall come into operation on the day on which the Companies Act 1981 comes into operation.

PART II—NATIONAL COMPANIES AND SECURITIES COMMISSION ACT 1979

Principal Act
3. The National Companies and Securities Commission Act 19791 is in this Part referred to as the Principal Act.

Delegation by Commission
4. Section 45 of the Principal Act is amended—
    (a) by inserting in sub-section (1) "all or" before "any functions";
    (b) by omitting paragraph (3) (b) and substituting the following paragraph:
        "(b) the person for the time being holding a specified office under an Act or a State Act or the person for the time being occupying a position in the Public Service of the Commonwealth or of a State, being a position that is specified in the instrument of delegation."; and
    (c) by omitting paragraph (5) (b) and substituting the following paragraph:
        "(b) the person for the time being occupying a position in the Public Service of the Commonwealth or of a State, being a position that is specified in the instrument by which the authority is given.".

PART III—COMPANIES (ACQUISITION OF SHARES) ACT 1980

Principal Act
5. The Companies (Acquisition of Shares) Act 19802 is in this Part referred to as the Principal Act.

Schedule
6. The Schedule to the Principal Act is amended—
    (a) by omitting paragraph 4 (f) of Part A and substituting the following paragraph:
        "(f) any other information material to the making of a decision by an offeree whether or not to accept an offer, being information that is within the knowledge of the offeror and has not
        previously been disclosed to the holders of shares in the target company, unless—
             (i) the information would not be permitted to be included, without the consent of the Commission, in a statement referred to in section 37 or 38 that is made or issued to the public; and
             (ii) the Commission