Document ID: chunk:federal_register_of_legislation:C2020C00315:section:11
Version: federal_register_of_legislation:C2020C00315
Segment Type: section
Provision Reference: s 11
Character Range: 10246–11126

11  Acquisitions of shares
  If:
 (a) a person, or 2 or more persons under an arrangement, acquire shares in a company; and
 (b) the acquisition has the result, in relation to a financial sector company, that:
 (i) an unacceptable shareholding situation comes into existence in relation to the company and in relation to a person; or
 (ii) if an unacceptable shareholding situation already exists in relation to the company and in relation to a person—there is an increase in the stake held by the person in the company; and
 (c) the person or persons mentioned in paragraph (a) were reckless as to whether the acquisition would have that result;
the person or persons mentioned in paragraph (a) commit an offence punishable on conviction by a fine not exceeding 400 penalty units.
Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.