Corporations Act 2001

CHAPTER 2B - BASIC FEATURES OF A COMPANY  

PART 2B.7 - CHANGING COMPANY TYPE  

SECTION 165   ASIC MAY DIRECT A PROPRIETARY COMPANY TO CHANGE TO A PUBLIC COMPANY IN CERTAIN CIRCUMSTANCES  

165(1)    
ASIC may direct a proprietary company in writing to change to a public company within 2 months if it is satisfied that the company has contravened section 113 (requirements for proprietary companies).

165(2)    
The company must comply with the direction within 2 months after being given it by doing everything necessary to change to a public company under section 164 .

165(2A)    

An offence based on subsection (2) is an offence of strict liability.

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

165(3)    
If a proprietary company does not comply with subsection (2) , ASIC may change the company from a proprietary to a public company by altering the details of the company ' s registration to reflect the company ' s new type.

165(4)    
A change of type under this section takes effect when ASIC alters the details of the company ' s registration.

165(5)    
ASIC must give the company a new certificate of registration after it alters the details of the company ' s registration under subsection (3) . The company ' s name is the name specified in the certificate of registration issued under this section.

Note: For the evidentiary value of a certificate of registration, see subsection 1274(7A) .