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Companies (Acquisition of Shares) Amendment Act (No. 2) 1981

No. 94 of 1981

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

[Assented to 18 June 1981]

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, &c.
1. (1) This Act may be cited as the Companies (Acquisition of Shares) Amendment Act (No. 2) 1981.
(2) The Companies (Acquisition of Shares) Act 19801 is in this Act referred to as the Principal Act.

Commencement
2. (1) Part I of this Act shall come into operation on the day on which this Act receives the Royal Assent.
(2) The provisions of Parts II and III of this Act shall come into operation on such date as is, or on such respective dates as are, fixed by Proclamation.
(3) Part IV of this Act shall come into operation on the day on which the Companies Act 1981 comes into operation.

PART II—MISCELLANEOUS AMENDMENTS

Definitions
3. Section 6 of the Principal Act is amended by omitting the definition of "listed public company" and substituting the following definition:
    "'listed public company' means a company that has been admitted to the official list of a stock exchange and has not been removed from that official list;".

Provisions relating to acquisition and disposal of, and entitlement to, shares, and associated persons
4. Section 7 of the Principal Act is amended—
    (a) by omitting paragraph (6) (a) and substituting the following paragraph:
       "(a) one of those persons furnishes advice to, or acts on behalf of, the other person in the proper performance of the functions attaching to his professional capacity or to his business relationship with the other person;";
    (b) by omitting from paragraph (b) "or" (last occurring); and
    (c) by adding at the end of sub-section (6) the following word and paragraph:
       "; or (d) the other person has been appointed by the first-mentioned person as a proxy or representative to exercise, at a meeting of members or of a class of members of a company, votes attached to shares of which the first-mentioned person is the holder, where the relevant interest of that person in those shares that arises by reason of his appointment as a proxy or representative would be disregarded under sub-section 9 (8) by reason of paragraph (e) of that sub-section.".

Relevant interests in shares
5. Section 9 of the Principal Act is amended by inserting in paragraph (8) (e) "only" after "reason" and "particular" before "meeting".

Take-over announcements
6. Section 17 of the Principal Act is amended by omitting from paragraph (3) (a) "that" and substituting "than".

Take-over offers not be subject to