CORPORATIONS ACT 2001

CHAPTER 2L - DEBENTURES  

PART 2L.1 - REQUIREMENT FOR TRUST DEED AND TRUSTEE  

SECTION 283AA   REQUIREMENT FOR TRUST DEED AND TRUSTEE  

283AA(1)  
Before a body:


(a) makes an offer of debentures in this jurisdiction that needs disclosure to investors under Chapter 6D , or does not need disclosure to investors under Chapter 6D because of subsection 708(14) (disclosure document exclusion for debenture roll overs) or section 708A (sale offers that do not need disclosure); or


(b) makes an offer of debentures in this jurisdiction or elsewhere as consideration for the acquisition of securities under an off-market takeover bid; or


(c) issues debentures in this jurisdiction or elsewhere under a compromise or arrangement under Part 5.1 approved at a meeting held as a result of an order under subsection 411(1) or (1A) ;

regardless of where any resulting issue, sale or transfer occurs, the body must enter into a trust deed that complies with section 283AB and appoint a trustee that complies with section 283AC .

Note: For rules about when an offer of debentures will need disclosure to investors under Chapter 6D , see sections 706 , 707 , 708 , 708AA and 708A .

283AA(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 .

283AA(2)  
The body may revoke the trust deed after it has repaid all amounts payable under the debentures in accordance with the debentures ' terms and the trust deed.

283AA(3)  
The body must comply with this Chapter.

Note: Sections 168 and 601CZB require a register of debenture holders to be set up and kept.

283AA(4)  


The regulations may exempt a specified offer of debentures, or a specified class of offers of debentures, from subsection (1).

View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.