Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023 (69 of 2023)

Schedule 1   Modernising business communications

Part 1   Documents and meetings under the Corporations Act 2001

Corporations Act 2001

42   Section 648C

Repeal the section, substitute:

648C Sending documents to holders of securities - general

(1) This section applies if a document is required or permitted to be sent to a holder of securities under this Chapter.

Note 1: Division 2 of Part 1.2AA provides for technology neutral sending of documents.

Note 2: Section 109X makes general provision for service of documents.

(2) If the document is sent by sending the document in a physical form in accordance with paragraph 110D(1)(a), or by sending information in a physical form in accordance with paragraph 110D(1)(b), the document or information must be sent:

(a) if the document or information is to be sent to the holder outside Australia - by pre-paid airmail post or by courier; or

(b) if the document or information is to be sent to the holder in Australia - by pre-paid ordinary post or by courier.

(3) For the purposes of this Chapter, the document is taken to have been sent to the holder:

(a) if the document is sent in a physical form in accordance with paragraph 110D(1)(a):

(i) when the document is posted; or

(ii) if the document is sent by courier - when the document is given to the courier; or

(b) if the document is sent by sending information in accordance with paragraph 110D(1)(b) (sending information in physical form that allows electronic access):

(i) when the information is posted; or

(ii) if the information is sent by courier - when the information is given to the courier; or

(c) if the document is sent by sending an electronic communication in accordance with paragraph 110D(1)(c) - when the electronic communication is sent; or

(d) if the document is sent by sending an electronic communication in accordance with paragraph 110D(1)(d) (sending information in electronic form allowing electronic access) - when the electronic communication is sent.

(4) This section applies to a requirement or permission to send a document, whether the expression send , give , serve or dispatch , or any other expression, is used.

648CB Sending documents to holders of securities - effect of election by holder to be sent documents by target in particular form

(1) This section applies if the target for a takeover bid has informed the bidder in accordance with paragraph 641(1)(ab) that an election of a holder of securities under section 110E to be sent documents in physical form or electronic form is in force.

(2) An election of the holder under section 110E to be sent documents by the bidder in the relevant form is taken to be in force from the time the target informs the bidder of the election.

(3) The election is taken to be made in relation to all documents required or permitted to be sent by the bidder under:

(a) this Chapter; or

(b) Part 6A.1; or

(c) any other provision of this Act, to the extent that it relates to the provisions mentioned in paragraphs (a) and (b).

(4) Subsection (2) has effect subject to any notification of withdrawal of the election received by the bidder from the holder of securities in accordance with paragraph 110E(7)(b).