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Companies and Securities Legislation Amendment Act 1986
No. 68 of 1986

TABLE OF PROVISIONS

PART I—PRELIMINARY
Section
  1. Short title
  2. Commencement

PART II—AMENDMENTS OF COMPANIES (ACQUISITION OF SHARES) ACT 1980
  3. Principal Act
  4. Other interpretative and evidentiary provisions
  5. Acquisition of shares permitted in certain circumstances
  6. Take-over offers
  7. Take-over announcements
  8. Repeal of sections 25 and 26 and substitution of new sections—
       25. Acceptance of take-over offers by third parties
       25a. Acceptance of take-over offers by trustees, nominees, &c.
           25b. Avoidance of odd lots where take-over offer relates to proportion of offeree's shares
          25c.  Offeror not entitled to bid for balance where take-over offer relates               to proportion of offeree's shares
  9. Insertion of new sections—
          31a.  Constituent documents of a company may require a resolution               approving certain acquisitions of shares in the company
          31b.  Provisions relating to the inclusion, effect and renewal of take-over               approval provisions

TABLE OF PROVISIONS—continued
Section
 10. Insertion of new section —
          39b. Persons selling shares before the making of take-over offers or of a take-over announcement not to be given additional benefits in certain cases
 11. Provisions relating to dissenting shareholders
 12. Offences

PART III—AMENDMENTS OF COMPANIES ACT 1981
 13. Principal Act
 14. Substantial shareholdings, substantial shareholders, notifiable changes, &c.
 15. Repeal of sections 138 and 139 and substitution of new sections—
           138. Substantial shareholder to notify company of changes in interests
           139. Person who ceases to be a substantial shareholder to notify company

Companies and Securities Legislation Amendment Act 1986
No. 68 of 1986

An Act to amend laws relating to companies and securities
[Assented to 24 June 1986]
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 Amendment Act 1986.

Commencement
2. (1) Parts I and II shall come into operation on the day on which this Act receives the Royal Assent.
(2) Part III shall come into operation on a day to be fixed by Proclamation.

PART II—AMENDMENTS OF COMPANIES (ACQUISITION OF SHARES) ACT 1980

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

Other interpretative and evidentiary provisions
4. Section 8 of the Principal Act is amended—
(a) by omitting sub-section (2); and
(b) by omitting from sub-section (3) "other than section 25".

Acquisition of shares permitted in certain circumstances
5. Section 13 of the Principal Act is amended by omitting paragraph (4) (a) and substituting the following paragraph:
"(a) the offers under the take-over scheme are made in accordance with sub-paragraph 16 (2) (a) (i); and".

Take-over