INSURANCE ACQUISITIONS AND TAKEOVERS ACT 1991 No. 6 of 1992 - SECT 26 Trigger proposal must not be carried out before a go-ahead decision is given or time limit runs out

INSURANCE ACQUISITIONS AND TAKEOVERS ACT 1991 No. 6 of 1992 - SECT 26

26. If:

   (a)  a person or company carries out a trigger proposal; and

   (b)  before entering into the agreement or issuing the shares, as the case
        may be, the person or company gave to the Minister a notice in the
        prescribed form stating the person's intention to enter into the
        agreement or the company's intention to issue the shares, as the case
        requires; and

   (c)  the person entered into the agreement or the company issued the shares
        before:

   (i)  the end of 40 days after the date on which the Minister received the
        notice; or

   (ii) the date on which written advice of a go-ahead decision is given in
        relation to the proposal specified in the notice; whichever first
        occurs; the person or company is guilty of an offence punishable on
        conviction by imprisonment for a period not exceeding 2 years or a
        fine not exceeding $50,000, or both.