CORPORATIONS ACT 2001 - SECT 642 Expenses of directors of target companies
CORPORATIONS ACT 2001 - SECT 642
Expenses of directors of target companies(1) If the target is a company or body, the directors of the target have a right to recover from the target any expenses they reasonably incur in the interest of members of the target and in relation to the takeover bid. The directors have this right regardless of anything contained in the target's constitution (if any).
(2) If the target is a managed investment scheme, the
responsible entity for the scheme has a right to recover from scheme property
any expenses it reasonably incurs in the interest of members of the scheme and
in relation to the takeover bid. The responsible entity has this right
regardless of anything contained in the scheme's constitution.