COMPANIES (ACQUISITION OF SHARES) ACT 1980 No. 64 of 1980 - SECT 59
Commission to take account of certain matters
COMPANIES (ACQUISITION OF SHARES) ACT 1980 No. 64 of 1980 - SECT 59
Commission to take account of certain matters
59. In exercising any of its powers under section 57 or 58, the Commission
shall take account of the desirability of ensuring that the acquisition of
shares in companies takes place in an efficient, competitive and informed
market and, without limiting the generality of the foregoing, shall have
regard to the need to ensure-
(a) that the shareholders and directors of a company know the identity of
any person who proposes to acquire a substantial interest in the
company;
(b) that the shareholders and directors of a company have a reasonable
time in which to consider any proposal under which a person would
acquire a substantial interest in the company;
(c) that the shareholders and directors of a company are supplied with
sufficient information to enable them to assess the merits of any
proposal under which a person would acquire a substantial interest in
the company; and
(d) that, as far as practicable, all shareholders of a company have equal
opportunities to participate in any benefits accruing to shareholders
under any proposal under which a person would acquire a substantial
interest in the company, but nothing in this section shall be taken to
require the Commission to exercise any of its powers in a particular
way in a particular case.