Document ID: chunk:federal_register_of_legislation:C2004A02825:body:0:p9
Version: federal_register_of_legislation:C2004A02825
Segment Type: other
Provision Reference: 
Character Range: 22561–25306

not affect the validity of the instrument.".

17. Section 60 of the Principal Act is repealed and the following section is substituted:

Power of Commission to declare acquisition of shares or other conduct to be unacceptable
"60. (1) Where the Commission is satisfied that an acquisition of shares occurred in circumstances where—
     (a) the shareholders and directors of a company did not know the identity of a person who proposed to acquire a substantial interest in the company;
     (b) the shareholders and directors of a company did not have a reasonable time in which to consider a proposal under which a person would acquire a substantial interest in the company;

     (c) the shareholders and directors of a company were not supplied with sufficient information to enable them to assess the merits of a proposal under which a person would acquire a substantial interest in the company; or
     (d) the shareholders of a company did not all have reasonable and equal opportunities to participate in any benefits, or to become entitled to participate in any benefits, accruing, whether directly or indirectly and whether immediately or in the future, to any shareholder or to any person associated with a shareholder, in connection with the acquisition, or proposed acquisition, by any person of a substantial interest in the company,
the Commission may, within 90 days after that acquisition of shares occurred, by instrument in writing, declare that acquisition of shares to have been an unacceptable acquisition and, where such a declaration is made, the person who acquired those shares shall be deemed, for the purposes only of section 45, to have acquired those shares in contravention of section 11.
"(2) Where an application is made to the Court under section 45 in relation to an acquisition of shares that has been declared by the Commission pursuant to sub-section (1) to have been an unacceptable acquisition, the Court may, instead of making any of the orders referred to in section 45, declare that the acquisition was not an unacceptable acquisition and, where the Court so declares, the declaration of the Commission has no further effect.
"(3) Where the Commission is satisfied that, as a result of conduct engaged in by a person in relation to shares in, or the affairs of, a company—
     (a) the shareholders and directors of a company did not know the identity of a person who proposed to acquire a substantial interest in the company;
     (b) the shareholders and directors of a company did not have a reasonable time in which to consider a proposal under which a person would acquire a substantial interest in the company;
     (c) the shareholders and directors of a company were not supplied with sufficient