Document ID: chunk:federal_register_of_legislation:C2004A00884:clause:1_202
Version: federal_register_of_legislation:C2004A00884
Segment Type: clause
Provision Reference: sch 1 cl 202
Character Range: 46686–47578

202  Subsection 631(1)
Repeal the subsection, substitute:

 (1) A person contravenes this subsection if:
 (a) either alone or with other persons, the person publicly proposes to make a takeover bid for securities in a company; and
 (b) the person does not make offers for the securities under a takeover bid within 2 months after the proposal.
The terms and conditions of the bid must be the same as or not substantially less favourable than those in the public proposal.

Note: The Court has power under section 1325B to order a person to proceed with a bid.

 (1A) For the purposes of an offence based on subsection (1), strict liability applies to paragraph (1)(b) and to the requirement that the terms and conditions of the bid must be the same as or not substantially less favourable than those in the public proposal.

Note: For strict liability, see section 6.1 of the Criminal Code.