11Acquisitions of shares

11 Acquisitions of shares

If: (a) a person, or 2 or more persons under an arrangement, acquire shares in a company; and (b) the acquisition has the result, in relation to a financial sector company, that: (i) an unacceptable shareholding situation comes into existence in relation to the company and in relation to a person; or (ii) 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 (c) 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.

Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.