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Companies (Acquisition of Shares) Amendment Act 1981

No. 2 of 1981

An Act to amend the Companies (Acquisition of Shares) Act 1980

[Assented to 5 March 1981]

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

Short title, &c.
1. (1) This Act may be cited as the Companies (Acquisition of Shares) Amendment Act 1981.

(2) The Companies (Acquisition of Shares) Act 19801 is in this Act referred to as the Principal Act.

Commencement
2. This Act shall come into operation on the day on which the Companies (Acquisition of Shares) Act 1980 comes into operation.

Restriction on acquisition of shares
3. Section 11 of the Principal Act is amended by omitting sub-section (6).

Acquisitions to which section 11 does not apply
4. Section 12 of the Principal Act is amended by inserting after paragraph (e) the following paragraph:
      "(ea) an acquisition of shares pursuant to a compromise or arrangement approved by the Court under Part VII of the Companies Ordinance 1962;".

Pari passu allotments
5. Section 14 of the Principal Act is amended by omitting from sub-paragraph (i) of paragraph (a) of sub-section (3) "or by the Commission".

Take-over offers
6. Section 16 of the Principal Act is amended by inserting in paragraph (c) of sub-section (2) "(other than the offeror)" after "company".

Take-over announcements
7. Section 17 of the Principal Act is amended—
     (a) by omitting from paragraph (a) of sub-section (1) "and"; and
     (b) by adding at the end of sub-section (1) the following word and paragraph:
           "and (c) the acquisition of shares does not take place pursuant to a transaction that is a 'crossing' within the meaning of the business rules or listing rules of the stock exchange that is the home exchange in relation to the listed public company.".

Part B statement
8. Section 22 of the Principal Act is amended by omitting sub-section (4) and substituting the following sub-section:

"(4) A target company that gives a Part B statement under sub-section (1) shall, on the day on which the Part B statement is given—
     (a) if the company is a listed public company—serve on the stock exchange that is the home exchange in relation to the company a copy of the Part B statement and of any report or statement accompanying the Part B statement; and
     (b) lodge with the Commission—
         (i) a copy of the Part B statement and of any report or statement accompanying the Part B statement; and
         (ii) in respect of any report accompanying the Part B statement—a notice in writing signed by the person or persons by whom the report is made to the effect that the