Document ID: chunk:federal_register_of_legislation:C2004A01524:section:1976:p3
Version: federal_register_of_legislation:C2004A01524
Segment Type: section
Provision Reference: s 1976 (pt 3/4)
Character Range: 4954–7615

and
    (b) the number of shares for which the shareholder so subscribed bears to the total number of shares made available for allotment in pursuance of the resolution as nearly as practicable the same proportion as the number of issued shares in the corporation held by him immediately before the date specified in the resolu­tion bears to the total number of issued shares in the corporation immediately before that date.
"(5) For the purposes of sub-section (4), it is immaterial that the shares in the corporation comprise 2 or more classes of shares to which different rights are attached.
"(6) In this section, a reference to an agreement by virtue of which a person acquires a substantial shareholding in a corporation is a reference to an agreement by virtue of which the person acquires any interests in any shares in the corporation where—
    (a) he already holds a substantial interest in the corporation; or
    (b) upon the acquisition by him of those interests, or of those interests and of any interests in other shares in the corporation, being interests that he has offered to acquire, he would hold a substantial interest in the corporation.
"(7) For the purposes of sub-section (6), a reference to a person offering to acquire interests in shares includes a reference to a person making or publishing a statement, however expressed, that expressly or impliedly invites a holder of interests in shares to offer to dispose of interests in shares.".
8. Section 28 of the Principal Act is repealed and the following section substituted:—

Notification of options.
"28. A notice furnished in accordance with section 25 stating that a person proposes to acquire an option to acquire a share or asset has effect as if it included a statement that the person proposes to exercise that option.".

Repeal of s. 29.
9. Section 29 of the Principal Act is repealed.
10. Section 38 of the Principal Act is repealed and the following section substituted:—

Validity of acts done in contravention of Act.
"38. An act is not invalidated by the fact that it constitutes an offence against this Act.

Making of regulations.
11. The power to make regulations for the purposes of section 26 of the Principal Act as amended by this Act extends to the making of regulations expressed to take effect on and from 1 January 1976.

Transitional provisions.
12. (1) A notice in accordance with the Principal Act furnished to the Treasurer before the commencement of this section has effect, and shall be deemed to have had effect, as if it had been furnished in accordance with the Principal Act as amended by this Act.
(2) Notwithstanding the repeal of section 29 of