CORPORATIONS ACT 2001 - SECT 628 Conditions requiring payments to officers of target not allowed in off - market bids

CORPORATIONS ACT 2001 - SECT 628

    An offer to a person under an off - market bid must not be made subject to a condition that requires the person to approve or consent to a payment or other benefit to an officer or employee of the target or a related body corporate:

  (a)   as compensation for loss of; or

  (b)   as consideration in connection with retirement from;

any office or employment in connection with the management of the target or of a related body corporate. A purported requirement of this kind is void.