Business Trusts Act 2004 · 2020 Revised Edition · Part 6 · Liability and Take-Overs
40B. Joint offers
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In the case of an arrangement involving an offer to acquire all of the units in a registered business trust, or all of the units in any particular class in a registered business trust, by 2 or more persons jointly (called in this section the joint transferees), section 40A is to be read subject to this section.
registered business trust
“registered business trust” means a business trust that is registered by the Authority under section 4(1);
The conditions for the exercise of the rights conferred by section 40A(1) and (2) are satisfied —
in the case of acquisitions of units by virtue of acceptances of the offer — by the joint transferees acquiring or unconditionally contracting to acquire the necessary units jointly; or
in other cases — by the joint transferees acquiring or unconditionally contracting to acquire the necessary units either jointly or separately.
The conditions for the exercise of the rights conferred by section 40A(4) and (5) are satisfied —
in the case of acquisitions of units by virtue of acceptances of the offer — by the joint transferees acquiring or unconditionally contracting to acquire the necessary units jointly; or
in other cases — by the joint transferees acquiring or contracting (whether unconditionally or subject to conditions being met) to acquire the necessary units either jointly or separately.
Subject to this section, the rights and obligations of the transferee under section 40A are respectively joint rights and joint and several obligations of the joint transferees.
Subject to subsection (6), any notice or other document given or sent by or to the joint transferees under section 40A is complied with if the notice or document is given or sent by or to any of them.
document
“document” has the meaning given by section 4(1) of the Companies Act 1967;
The notice required to be given by the joint transferees under section 40A(1) and (4) must be made by all of the joint transferees and —
where one or more of them is a corporation, signed by a director or an equivalent person of that corporation; and
where one or more of them is a limited liability partnership or partnership, signed by any partner who has authority to bind the limited liability partnership or partnership, as the case may be.