s 418
In forceOffence—insurer to tell MAI commission of bidder’s statement or target’s statement
Chapter 7MAI insurer licences
Part 7.9MAI insurer licences—supervision
418 Offence—insurer to tell MAI commission of bidder’s statement or target’s statement
(1)
A person commits an offence if the person—
(a)
is a licensed insurer; and
(b)
receives a bidder’s statement or target’s statement; and
(c)
does not tell the MAI commission about the statement, in writing, within 21 days after the licensed insurer receives the statement.
Maximum penalty: 100 penalty units.
Note Penalties imposed under this Act must be paid into the nominal defendant fund (see s 330).
(2)
In this section:
bidder’s statement—see the Corporations Act, section 9.
target’s statement—see the Corporations Act, section 9.
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