Section 641A — Corporations Act 2001 (Cth)

(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).

Related sections

• s 639 — Target’s statement formalities
• s 640 — Expert’s report to accompany target’s statement if bidder connected with target
• s 641 — Target must inform bidder about securities holdings
• s 642 — Expenses of directors of target companies
• s 643 — Supplementary bidder’s statement
• s 644 — Supplementary target’s statement

Research how courts apply s 641A

BriefBridge searches Australian caselaw by meaning — every answer cited to the paragraph.