CCH Note:
Part 13 of the
Corporations Act 1989, inserted
by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as
follows:
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW
82
The Corporations Law is as follows:...
CHAPTER 6A - COMPULSORY ACQUISITIONS AND BUY-OUTS
History
Chapter 6A inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).
PART 6A.2 - GENERAL COMPULSORY ACQUISITIONS AND BUY-OUTS
History
Part 6A.2 inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).
Division 2 - Compulsory buy-out of convertible securities by 100% holder
SECTION 665A
100% HOLDER MUST OFFER TO BUY OUT HOLDERS OF CONVERTIBLE SECURITIES
665A(1)
(Definition of 100% holder)
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.
665A(2)
[Obligation to offer to buy out]
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.
History
S 665A inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).
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