CORPORATIONS ACT 2001 - SECT 629 Conditions turning on bidder's or associate's opinion not allowed in off - market bids

CORPORATIONS ACT 2001 - SECT 629

  (1)   Offers under an off - market bid must not be subject to a defeating condition if the fulfilment of the condition depends on:

  (a)   the bidder's, or an associate's, opinion, belief or other state of mind; or

  (b)   the happening of an event that is within the sole control of, or is a direct result of action by, any of the following:

  (i)   the bidder (acting alone or together with an associate or associates);

  (ii)   an associate (acting alone or together with the bidder or another associate or associates of the bidder).

A purported condition of this kind is void.

Note:   Section   9 defines defeating condition . Sections   630, 650F and 650G deal with defeating conditions.

  (2)   For the purposes of paragraph   (1)(b):

  (a)   the target; and

  (b)   a subsidiary of the target;

are taken not to be associates of the bidder if they would otherwise be an associate merely because of paragraph   12(2)(a).