CTHIn ForceAct
Insurance Acquisitions and Takeovers Act 1991
54Trigger proposal must not be carried out before a go‑ahead decision is given
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#### 54 Trigger proposal must not be carried out before a go‑ahead decision is given
If:
(a) a person or company carries out a trigger proposal; and
(b) the Minister did not give a go‑ahead decision in relation to the proposal before the relevant agreement was entered into or the relevant alteration to the company’s constituent document was made, as the case may be;
the person or company commits an offence punishable on conviction by imprisonment for a period not exceeding 2 years.
> Note: Subsection 4B(2) of the Crimes Act 1914 allows a court to impose an appropriate fine instead of, or in addition to, a term of imprisonment. If a body corporate is convicted of an offence, subsection 4B(3) of that Act allows a court to impose a fine of an amount that is not greater than 5 times the maximum fine that could be imposed by a court on an individual convicted of the same offence.