Document ID: chunk:federal_register_of_legislation:C2004A04777:front:0:p9
Version: federal_register_of_legislation:C2004A04777
Segment Type: other
Provision Reference: 
Character Range: 21385–24152

offeree; and".

10. Paragraph 658(b):

  Omit the paragraph, substitute:

     "(b) if the offeree withdraws the acceptance of the offer under paragraph (a), the offeror must, before the end of 14 days after the withdrawal day (as defined in subsection (4)):

        (i) take such action (if any) as the SCH business rules require in relation to any of the shares to which the acceptance relates that are entered on an SCH subregister; and

        (ii) return any documents that were sent by the offeree to the offeror with the acceptance of the offer.".

11. Section 658:

  Add at the end:

  "(2)  A notice under subparagraph (1)(a)(i):

     (a) if it relates to shares that are entered on an SCH subregister—must be in an electronic form approved by the SCH business rules for the purposes of this Part; or

     (b) if it relates to shares that are not entered on an SCH subregister—must be in writing.

SCHEDULE 2—continued

"(3) The reference in subparagraph (1)(a)(ii) to returning consideration includes, in the case of consideration that consists of securities, a reference to:

    (a) if the securities are entered on an SCH subregister—taking such action as the SCH business rules require in relation to the return of the securities; or

    (b) otherwise—providing the offeree with any documents of transfer necessary to effect the return of securities.

  "(4) For the purposes of paragraph (1)(b), the withdrawal day is:

    (a) if the offeree does the things referred to in paragraph (1)(a) on the same day—that day; or

    (b) if the offeree does those things on different days—the last of those days.".

12. Subsection 701(7):

  Omit "written".

13. After subsection 701(7):

  Insert:

  "(7A) A notice under subsection (7):

    (a) if it relates to shares that are entered on an SCH subregister—must be in an electronic form approved by the SCH business rules for the purposes of this Part; or

  (b) if it relates to shares that are not entered on an SCH subregister—must be in writing.".

14. Section 779F:

  Repeal the section, substitute:

SCH business rules have effect as contract

"779F.(1) The SCH business rules have effect, by force of this section, as a contract under seal:

  (a) between the SCH and each issuer; and

  (b) between the SCH and each SCH participant; and

  (c) between each issuer and each SCH participant; and

  (d) between an SCH participant and each other SCH participant;

under which each of the persons mentioned in paragraphs (a) to (d) agrees to observe and perform the provisions of the SCH business rules as in force for the time being to the extent, and in the manner, provided by the SCH business rules.

SCHEDULE 2—continued

  "(2) In this section:

'issuer' means an issuing body, within the