[COM 266] Declaration of unacceptable circumstances266 

266

(1) The Reserve Bank may declare circumstances in relation to the affairs of a target company or target scheme during a takeover to be unacceptable circumstances if it appears to the Reserve Bank that the circumstances—

• (a)are unacceptable having regard to the effect that the Reserve Bank is satisfied the circumstances have had, are having, will have or are likely to have on—
  • (i)the control, or potential control, of the target company or target scheme, or another company or managed investment scheme; or
  • (ii)the acquisition, or proposed acquisition, by a person of a relevant interest in the target company or target scheme, or another company or managed investment scheme; or
• (b)are unacceptable because they constituted, constitute, will constitute or are likely to constitute a contravention of this Act; or
• (c)are otherwise unacceptable having regard to the principles set out in section 255.

(2) Without limiting this, the Reserve Bank may declare circumstances to be unacceptable circumstances whether or not the circumstances constitute a contravention of a provision of this Act.