Corporations Act 2001
A person entitled to acquire securities under section 661A or 664A must either:
(a) pay, issue or transfer the consideration to the holder, take a transfer of the securities from the holder and have the company that issued the securities register the transfer; or
(b) complete the procedure laid down in section 666B ;
by the end of the period referred to in subsection (2) or (3).Strict liability offences 666A(1A)
An offence based on subsection (1) is an offence of strict liability.
Note: For strict liability , see section 6.1 of the Criminal Code .
For an acquisition under section 661A , the period ends 14 days after the later of:
(a) the end of 1 month after the compulsory acquisition notice was lodged with ASIC under section 661B ; or
(b) the end of 14 days after the last statement under section 661D was given if a request is made under that section; or
(c) if an application to stop the acquisition is made to the Court under section 661E - the application is finally determined.
[ CCH Note: S 666A(2) will be amended by No 69 of 2020, s 3, Sch 1, by substituting " the Registrar " for " ASIC " in para (a) (effective 22 June 2022 or a day or days to be fixed by Proclamation).]
For an acquisition under section 664A or 664F , the period ends 14 days after the later of:
(a) the end of the objection period; or
(b) if an application for approval of the acquisition is made to the Court under section 664F in relation to the securities - the application is finally determined.