Corporations Act 2001

CHAPTER 6A - COMPULSORY ACQUISITIONS AND BUY-OUTS

Modifying legislative instruments: The application of Ch 6A is affected by the following legislative instruments that commenced on or after 1 January 2022: ASIC Corporations (Compulsory Acquisitions and Buyouts) Instrument 2023/684.

For legislative instruments or class orders before 1 January 2022 that affect the application of Ch 6A, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.

PART 6A.3 - COMPLETION OF COMPULSORY ACQUISITION OF SECURITIES

SECTION 666A COMPLETING THE ACQUISITION OF SECURITIES
Completion to be by private treaty or statutory procedure.

666A(1)
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)

View history reference

An offence based on subsection (1) is an offence of strict liability.

Note: For strict liability , see section 6.1 of the Criminal Code .

View history note

Time for completing compulsory acquisition following takeover

666A(2)
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[1054], by substituting " the Registrar " for " ASIC " in para (a) (effective 1 July 2026 or a day or days to be fixed by Proclamation).]

Time for completing compulsory acquisition under Part 6A.2

666A(3)
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.