Document ID: chunk:federal_register_of_legislation:C2004C01070:clause:1_606:p2
Version: federal_register_of_legislation:C2004C01070
Segment Type: clause
Provision Reference: sch 1 cl 606 (pt 2/2)
Character Range: 158914–160839

more than 50 members for the purposes of subsection (1) or (2), count joint holders of a particular parcel of shares as 1 person.

Offers and invitations

 (4) A person must not:
 (a) make an offer, or cause an offer to be made on their behalf, if the person would contravene subsection (1) or (2) if the offer were accepted; or
 (b) issue an invitation, or cause an invitation to be issued on their behalf, if the person would contravene subsection (1) or (2) if:
 (i) an offer were made in response to the invitation; and
 (ii) the offer were accepted.

Defences

 (5) It is a defence to the prosecution of a person for contravening subsection (1), (2) or (4) if the person proves that they contravened the subsection:
 (a) because of inadvertence or mistake; or
 (b) because the person was not aware of a relevant fact or occurrence.
In determining whether the defence is available, disregard the person's ignorance of, or a mistake on the person's part concerning, a matter of law.

Extended meaning of acquiring relevant interests—conversions and increases in voting rights

 (6) A person is taken for the purposes of subsection (1) or (2) to acquire a relevant interest in voting shares in a company if:
 (a) securities in which the person already had a relevant interest become voting shares in the company; or
 (b) there is an increase in the number of votes that may be cast on a poll attached to voting shares that the person already had a relevant interest in.
The acquisition occurs when the securities become voting shares or the number of votes increases.

Note: Some examples of cases to which this subsection applies are:

                  * A person exercises a right to convert a non‑voting preference share into an ordinary share that carries votes.

                  * A person pays up partly‑paid shares with limited votes and this leads to an increase in the number of votes attached to the shares.