Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]


100% holder must offer to buy out holders of convertible securities

             (1)  A person is a 100% holder of securities in a class if the person, either alone or with a related body corporate, holds full beneficial interests in all the securities in the class.

             (2)  A 100% holder in relation to a class of securities (the main class ) who becomes a 100% holder through compulsory acquisitions under this Part must offer to buy out the holders of securities in another class that are convertible into main class securities in accordance with sections 665B and 665C. This subsection does not apply to securities if a notice is given in relation to the securities under section 661B, 662B or 664C.

Note:          For when securities are convertible into main class securities, see the definition of convertible securities in section 9.

             (3)  An offence based on subsection (2) is an offence of strict liability.

Note:          For strict liability , see section 6.1 of the Criminal Code .

AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback