Commonwealth Consolidated Acts

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Disclosure by member of relevant interests and instructions

             (1)  A person given a direction under section 672A must disclose to the person giving the direction:

                     (a)  full details of their own relevant interest in the shares, interests in the scheme or interests in the fund and of the circumstances that give rise to that interest; and

                     (b)  the name and address of each other person who has a relevant interest in any of the shares or interests together with full details of:

                              (i)  the nature and extent of the interest; and

                             (ii)  the circumstances that give rise to the other person's interest; and

                     (c)  the name and address of each person who has given the person instructions about:

                              (i)  the acquisition or disposal of the shares or interests; or

                             (ii)  the exercise of any voting or other rights attached to the shares or interests; or

                            (iii)  any other matter relating to the shares or interests;

                            together with full details of those instructions (including the date or dates on which they were given).

          (1A)  However, a matter referred to in paragraph (1)(b) or (c) need only be disclosed to the extent to which it is known to the person required to make the disclosure.

Note:          A defendant bears an evidential burden in relation to the matter in subsection (1A), see subsection 13.3(3) of the Criminal Code .

          (1B)  An offence based on subsection (1) is an offence of strict liability.

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

             (2)  The disclosure must be made within 2 business days after:

                     (a)  the person is given the direction; or

                     (b)  if the person applies for an exemption under section 673 from the obligation to make the disclosure and ASIC refuses to grant the exemption--ASIC notifies the person of its decision on the application; or

                     (c)  if the direction is given by a listed company, the responsible entity of a listed registered scheme or the operator of a listed notified foreign passport fund--the company, responsible entity or operator pays any fee payable under the regulations made for the purposes of section 672D.

             (3)  The person does not have to comply with a direction given by the company, responsible entity or operator if the person proves that the giving of the direction is vexatious.

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