Corporations (Victoria) (Amendment) Act 2000

i Corporations (Victoria) (Amendment) Act 2000 Act No. 7/2000 TABLE OF PROVISIONS Section Page 1. Purpose 1 2. Commencement 2 3. Court powers—takeovers 2 Division 3—Takeovers 2 56A. Proceedings in relation to takeover bids or proposed takeover bids 2 56B. Supreme Court—limitation of jurisdiction 2 ═══════════════ NOTES 3 -- 1 of 4 -- 1 Corporations (Victoria) (Amendment) Act 2000† [Assented to 18 April 2000] The Parliament of Victoria enacts as follows: 1. Purpose The purpose of this Act is to amend the Corporations (Victoria) Act 1990 to give effect in Victoria to certain amendments of the Corporations Law made by the Corporate Law Economic Reform Program Act 1999 of the Commonwealth by satisfying the requirements of section 85(5) of the Constitution Act 1975. Victoria No. 7 of 2000  -- 2 of 4 -- Act No. 7/2000 Corporations (Victoria) (Amendment) Act 2000 2 2. Commencement This Act comes into operation on the day after the day on which it receives the Royal Assent. 3. Court powers—takeovers In Part 9 of the Corporations (Victoria) Act 1990, after Division 2 insert— "Division 3—Takeovers 56A. Proceedings in relation to takeover bids or proposed takeover bids (1) Except as otherwise provided by section 659B of the Corporations Law of Victoria, a person may not commence court proceedings in relation to a takeover bid, or a proposed takeover bid, before the end of the bid period. (2) The powers of a court under the Corporations Law of Victoria in relation to conduct that contravenes that Law are limited as provided by section 659C of that Law. (3) Expressions used in this section and in Division 3 of Part 6.10 of Chapter 6 of the Corporations Law of Victoria have the same meanings as in that Division. 56B. Supreme Court—limitation of jurisdiction It is the intention of section 56A to alter or vary section 85 of the Constitution Act 1975.". ═══════════════ s. 2 No. 80/1990. Reprint No. 1 as at 1 May 1996. Further amended by Nos 46/1998 and 37/1999. -- 3 of 4 -- Act No. 7/2000 Corporations (Victoria) (Amendment) Act 2000 3 NOTES † Minister's second reading speech— Legislative Council: 1 March 2000 Legislative Assembly: 15 March 2000 The long title for the Bill for this Act was "to amend the Corporations (Victoria) Act 1990 and for other purposes." Constitution Act 1975: Section 85(5) statement: Legislative Council: 1 March 2000 Legislative Assembly: 15 March 2000 Absolute majorities: Legislative Council: 14 March 2000 Legislative Assembly: 12 April 2000 Notes -- 4 of 4 --