Document ID: chunk:federal_register_of_legislation:C2004A03231:body:0:p19
Version: federal_register_of_legislation:C2004A03231
Segment Type: other
Provision Reference: 
Character Range: 46980–49667

to a failure, in contravention of sub-section (3) of this section, to make a take-over bid in accordance with a public announcement.
"(10) In this section—
     (a) a reference to making a take-over bid is a reference to—
         (i) making take-over offers;
         (ii) causing take-over offers to be made; or
         (iii) causing a take-over announcement to be made; and
     (b) a reference to making a take-over bid in accordance with a public announcement to the effect that a take-over bid is proposed to be made is a reference to making a take-over bid the terms and conditions of which are the same as, or not substantially less favourable to the shareholders in the target company than, the terms and conditions of the take-over bid referred to in the public announcement.".

Offences
25. (1) Section 53 of the Principal Act is amended by omitting from sub-section (4) "and 49" and substituting ", 49 and 52".
(2) Section 53 of the Principal Act is amended by omitting sub-section (5) and substituting the following sub-sections:
"(5) Notwithstanding anything in section 5 of this Act—
     (a) section 570, and sub-section 571 (7), of the Companies Act 1981 do not apply in relation to this Act; and
     (b) sub-section 571 (5) of that Act has effect for the purposes of this Act as if 'the penalty applicable to the offence' were omitted from that sub-section and 'the penalty for the offence' were substituted.
"(6) Notwithstanding anything in section 5 of this Act or in paragraph (5) (b) of this section, sub-sections 571 (1) to (6), inclusive, of the Companies Act 1981 do not apply in relation to an obligation to do an act or thing, being an obligation that arose under this Act before the commencement of section 26 of the Companies and Securities Legislation (Miscellaneous Amendments) Act 1985, and, notwithstanding the repeals effected by the last-mentioned section, section 54 of this Act as in force at any time before that commencement continues to have effect in relation to such an obligation.".

Repeal of sections 54, 63 and 64
26. Sections 54, 63 and 64 of the Principal Act are repealed.

Schedule
27. The Schedule to the Principal Act is amended—
     (a) by omitting paragraph 2 (e) of Part B and substituting the following paragraph:
         "(e) where—
             (i) a prescribed benefit (not being an excluded benefit) will or may be given to a person in connection with the retirement of a person from a prescribed office in relation to the target company; or
             (ii) a prescribed benefit will or may be given to a prescribed person in relation to the target company in connection with the transfer of the whole or any part of the