INSURANCE ACQUISITIONS AND TAKEOVERS ACT 1991 No. 6 of 1992 - SECT 21 When share acquisition agreements entered into

INSURANCE ACQUISITIONS AND TAKEOVERS ACT 1991 No. 6 of 1992 - SECT 21

21. (1) For the purposes of this Part, if:

   (a)  a person enters into an agreement under which the person acquires
        shares in a company; and

   (b)  the provisions of the agreement that relate to the acquisition of the
        shares concerned do not become binding until the fulfilment of a
        condition or conditions set out in the agreement; the person is taken
        not to have entered into the agreement until the time when those
        provisions become binding.

(2) Paragraph (1) (b) does not apply to a condition relating to anything done,
or omitted to be done, by:

   (a)  the Minister under this Act; or

   (b)  a Minister under the Foreign Acquisitions and Takeovers Act 1975.