Commonwealth Numbered Acts

COMPANIES (ACQUISITION OF SHARES) ACT 1980 No. 64 of 1980 - SECT 64

64. (1) Where a take-over offer in relation to shares in a company was
dispatched more than 30 days before the date of commencement of this Act and
the period during which the take-over offer remains open, or, in the case of a
take-over offer constituted by an invitation, the period for which the
invitation is expressed to remain open, had not expired before that date-

   (a)  this Act, other than this section, does not apply to or in relation
        to-

        (i)    the acquisition of shares in the company pursuant to the take-
               over offer; or

        (ii)   any other acquisition of shares in the company during the
               period during which the take-over offer remains open, or, in
               the case of a take-over offer constituted by an invitation, the
               period for which the invitation is expressed to remain open, by
               the offeror or invitor who dispatched the take-over offer; and

   (b)  the superseded take-over laws continue to apply to and in relation to
        any offers or invitations to acquire shares in the company being
        offers or invitations referred to in paragraph (a).

(2) Where a take-over offer in relation to shares in a company was dispatched
during the period of 30 days before the date of commencement of this Act and
the period during which the take-over offer remains open, or, in the case of a
take-over offer constituted by an invitation, the period for which the
invitation is expressed to remain open, had not expired before that date, this
Act, other than this section-

   (a)  does not apply to or in relation to the acquisition by any person of
        shares in the company during the period commencing on the date of
        commencement of this Act and ending at the expiration of 60 days
        after-

        (i)    if the take-over offer was not under a take-over scheme-the
               date on which the take-over offer was dispatched; or

        (ii)   if the take-over offer was under a take-over scheme-the last
               day before the date of commencement of this Act on which a
               take-over offer under the take-over scheme was dispatched; and

   (b)  does not apply to or in relation to the acquisition by any person of
        shares in the company after the expiration of the period referred to
        in paragraph (a) pursuant to offers or invitations made or issued
        before the end of that period, and the superseded take-over laws
        continue to apply to and in relation to offers or invitations to
        acquire shares in the company made or issued before the end of that
        period.

(3) For the purposes of this section-

(a) "the superseded take-over laws" means the provisions of the law relating
to take-overs in force immediately before the date of commencement of this
Act, including the provisions of Part VIB of, and the Tenth Schedule to, the
Companies Ordinance 1962;

   (b)  a reference to the application of the superseded take-over laws to and
        in relation to offers or invitations to acquire shares in a company
        includes, without limiting the generality of those words, a reference
        to the application of sections 180X and 180Y of the Companies
        Ordinance 1962 as amended and in force immediately before the date of
        commencement of this Act in relation to shares in that company
        consequent upon the making of those offers or the issuing of those
        invitations; and

   (c)  except where the contrary intention appears, expressions used in this
        section have the same respective meanings as those expressions have in
        Part VIB of the Companies Ordinance 1962 as amended and in force
        immediately before the date of commencement of this Act.

(4) Nothing in this section affects the operation of sub-section 29 (2) of the
Companies and Securities (Interpretation and Miscellaneous Provisions) Act 
1980 in its application by virtue of section 4 of this Act in relation to
matters not specifically dealt with by sub-sections (1) and (2) of this
section.