CORPORATIONS ACT 2001

CHAPTER 6A - COMPULSORY ACQUISITIONS AND BUY-OUTS  

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

SECTION 666A   COMPLETING THE ACQUISITION OF SECURITIES  

666A(1)   Completion to be by private treaty or statutory procedure.  

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).

666A(1A)   Strict liability offences.  

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

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

666A(2)   Time for completing compulsory acquisition following takeover.  

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.

666A(3)   Time for completing compulsory acquisition under Part 6A.2.  

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.


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