Section 642 — Corporations Act 2001 (Cth)

(1) If the target is a company or body, the directors of the target have a right to recover from the target any expenses they reasonably incur in the interest of members of the target and in relation to the takeover bid. The directors have this right regardless of anything contained in the target’s constitution (if any).

(2) If the target is a managed investment scheme, the responsible entity for the scheme has a right to recover from scheme property any expenses it reasonably incurs in the interest of members of the scheme and in relation to the takeover bid. The responsible entity has this right regardless of anything contained in the scheme’s constitution.

Related sections

• 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 641A — Use or disclosure of information obtained from target
• s 643 — Supplementary bidder’s statement
• s 644 — Supplementary target’s statement
• s 645 — Form of supplementary statement

Research how courts apply s 642

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