Document ID: chunk:federal_register_of_legislation:C2004C01070:clause:1_629
Version: federal_register_of_legislation:C2004C01070
Segment Type: clause
Provision Reference: sch 1 cl 629
Character Range: 200331–201408

629  Conditions turning on bidder's or associate's opinion not allowed in off‑market bids

 (1) Offers under an off‑market bid must not be subject to a defeating condition if the fulfilment of the condition depends on:
 (a) the bidder's, or an associate's, opinion, belief or other state of mind; or
 (b) the happening of an event that is within the sole control of, or is a direct result of action by, any of the following:
 (i) the bidder (acting alone or together with an associate or associates)
 (ii) an associate (acting alone or together with the bidder or another associate or associates of the bidder).
A purported condition of this kind is void.

Note: Section 9 defines defeating condition. Sections 630, 650F and 650G deal with defeating conditions.

 (2) For the purposes of paragraph (1)(b):
 (a) the target; and
 (b) a subsidiary of the target;
are taken not to be associates of the bidder if they would otherwise be an associate merely because they are a related body corporate.

Note: Paragraph 11(b) makes related bodies corporate associates of each other.