(1) The register of option holders must contain the following information about each holder of options over unissued shares in the company or unissued interests in the scheme:
(a) the option holder's name and address;
(b) the date on which the entry of the option holder's name in the register is made;
(c) the date of grant of the options;
(d) the number and description of the shares or interests over which the options were granted;
(i) the period during which the options may be exercised; or
(ii) the time at which the options may be exercised;
(f) any event that must happen before the options can be exercised;
(g) any consideration for the grant of the options;
(h) any consideration for the exercise of the options or the method by which that consideration is to be determined.
Because it is a register of the holders of options that are still exercisable, the register must be updated whenever options are exercised or expire.
(2) Information about the grant of an option must be entered in the register within 14 days after the grant of the option.
Copies of options documents
(3) The company or scheme must keep with the register a copy of every document that grants an option over unissued shares or interests.
(3A) An offence based on subsection (3) is an offence of strict liability.
Note: For strict liability , see section 6.1 of the Criminal Code .
(3B) Subsection (3) does not apply if the option is listed for quotation on a prescribed financial market.
Note: A defendant bears an evidential burden in relation to the matter in subsection (3B), see subsection 13.3(3) of the Criminal Code .
(4) The company or scheme must change the register to reflect the transfer of an option only if the person transferring the option gives the company or scheme written notice of the transfer.
(5) A failure to comply with this section in relation to an option does not affect the option itself.