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COMPANIES (ACQUISITION OF SHARES) ACT 1980

Table of Provisions

  • 1 Short title.  
  • 2 Commencement  
  • 3 Object  
  • 4 Repeal  
  • 5 Incorporation  
  • 6 Definitions  
  • 7 Provisions relating to acquisition and disposal of, and entitlement to, shares, and associated persons  
  • 8 Other interpretative and evidentiary provisions  
  • 9 Relevant interests in shares  
  • 10 Persons to whom Act applies  
  • 11 Restriction on acquisition of shares  
  • 12 Acquisitions to which section 11 does not apply  
  • 13 Acquisition of shares permitted in certain circumstances  
  • 14 Pari passu allotments  
  • 15 Acquisition of not more than 3% of voting shares permitted in each 6 months 15. (1) Section 11 does not prohibit an acquisition of voting shares in a  
  • 16 Take-over offers  
  • 17 Take-over announcements  
  • 18 Registration of Part A statements and offers  
  • 19 Extension of time for paying consideration  
  • 20 Take-over offers not to be subject to certain terms or conditions  
  • 21 Withdrawal of offers  
  • 22 Part B statement  
  • 23 Offeror connected with target company  
  • 24 Notice of offers to be served  
  • 25 Acceptance of take-over offers by third parties  
  • 26 Offeror not proposing to acquire all shares in class  
  • 27 Variation or extension of take-over offers  
  • 28 Declaration where take-over offers are conditional  
  • 29 Conditional take-over offers not to be made unconditional in certain circumstances, &c.  
  • 30 Take-over offers subject to conditions  
  • 31 Effect of acquiring shares otherwise than under take-over scheme  
  • 32 Part D statement  
  • 33 Withdrawal of on-market offers  
  • 34 Suspension of acceptance of offers made pursuant to take-over announcement  
  • 35 Restriction on disposal of shares by offeror or on-market offeror  
  • 36 Obligations of target company to provide information  
  • 37 Forecasts of profits  
  • 38 Statements on asset valuations  
  • 39 Notification of acquisitions and disposals of shares  
  • 40 Offerees or on-market offerees not to be given benefits except under take-over scheme or take-over announcement  
  • 41 Expenses of directors of target company  
  • 42 Provisions relating to dissenting shareholders  
  • 43 Rights of remaining shareholders and holders of options and notes  
  • 44 Liability for mis-statements  
  • 45 Orders where prohibited acquisitions take place  
  • 46 Orders where offers not dispatched pursuant to Part A statement  
  • 47 Orders to protect rights under take-over schemes or announcements  
  • 48 Court may excuse contravention or non-compliance due to inadvertence, &c.  
  • 49 Miscellaneous provisions relating to orders  
  • 50 Unfair or unconscionable agreements, payments or benefits  
  • 51 Recording of resolutions  
  • 52 Statements as to proposed take-over offers or announcements  
  • 53 Offences  
  • 54 Continuing offences  
  • 55 Officers in default  
  • 56 Service of documents and publication of notices  
  • 57 Power to exempt from compliance with Act  
  • 58 Power to declare that Act applies as if modified  
  • 59 Commission to take account of certain matters  
  • 60 Power of Commission to declare acquisition of shares or other conduct to be unacceptable.  
  • 61 Power of Commission to intervene in proceedings  
  • 62 Regulations  
  • 63 Acquisition of shares within 6 months after commencement of Act  
  • 64 Take-overs pending at commencement of Act  

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