Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 641A

  (1)   A person (the first person ) contravenes this subsection if:

  (a)   the target gives the bidder information under section   641 in relation to another person; and

  (b)   the first person:

  (i)   is the bidder; or

  (ii)   obtains the information from the bidder (whether directly or indirectly); and

  (c)   the first person uses or discloses the information; and

  (d)   the use or disclosure is not for the purposes of sending a document, or otherwise complying with an obligation under this Act, in relation to:

  (i)   the takeover bid; or

  (ii)   a compulsory acquisition of securities under Part   6A.1 relating to the takeover bid.

Civil penalty:

  (a)   for an individual--2,000 penalty units; and

  (b)   for a body corporate--10,000 penalty units.

  (2)   Subsection   (1) does not apply if the use or disclosure is required or permitted by a law of the Commonwealth or a prescribed law of a State or internal Territory.

  (3)   A person who contravenes subsection   (1) is not guilty of an offence.

Note:   Subsection   (1) is a civil penalty provision (see section   1317E).