Acquisitions of shares
11 Acquisitions of shares
If:
a person, or 2 or more persons under an arrangement, acquire shares in a company; and
the acquisition has the result, in relation to a financial sector company, that:
an unacceptable shareholding situation comes into existence in relation to the company and in relation to a person; or
if an unacceptable shareholding situation already exists in relation to the company and in relation to a person—there is an increase in the stake held by the person in the company; and
the person or persons mentioned in paragraph (a) were reckless as to whether the acquisition would have that result;
the person or persons mentioned in paragraph (a) commit an offence punishable on conviction by a fine not exceeding 400 penalty units.
Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
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