Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 5.1.01

Prescribed information for paragraph 411(3)(b) and subparagraph 412(1)(a)(ii) of the Act

             (1)  For paragraph 411(3)(b) and subparagraph 412(1)(a)(ii) of the Act, unless ASIC otherwise allows, the explanatory statement must:

                     (a)  for a proposed arrangement between a Part 5.1 body and its creditors, or a class of its creditors:

                              (i)  state the matters set out; and

                             (ii)  have annexed to it the reports and copies of documents mentioned;

                            in Part 2 of Schedule 8; and

                     (b)  for a proposed arrangement between a Part 5.1 body and its members, or a class of its members, other than a proposed arrangement mentioned in paragraph (c):

                              (i)  state the matters set out; and

                             (ii)  have annexed to it the reports and copies of documents mentioned;

                            in Part 3 of Schedule 8; and

                     (c)  for a proposed arrangement between a Part 5.1 body and its members, or a class of its members, in relation to the reconstruction of a corporation, or the amalgamation of 2 or more corporations, if:

                              (i)  the whole or part of the undertaking or of the property of a corporation is to be transferred to a trustee to be held beneficially on behalf of the unit holders of the trust; or

                             (ii)  the shares in the corporation that are held by members are to be cancelled and control is to pass to a trustee to be held on behalf of a unit holder of the trust;

                            state the matters set out and have annexed to it the documents and, if the trustee of that business operates no other business in relation to that trust, the reports mentioned, in Part 4 of Schedule 8.

             (2)  For the purposes of Schedule 8, securities exchange means Australian Stock Exchange Limited.



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