CORPORATIONS ACT 2001

CHAPTER 6A - COMPULSORY ACQUISITIONS AND BUY-OUTS  

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

SECTION 666B   STATUTORY PROCEDURE FOR COMPLETION  

666B(1)   [ Procedure of acquisition]  

Under this section, the person acquiring the securities must:


(a) give the company that issued the securities a copy of the compulsory acquisition notice under section 661B or 664C together with a transfer of the securities:


(i) signed as transferor by someone appointed by the person acquiring the securities; and

(ii) signed as transferee by the person acquiring the securities; and


(b) pay, issue or transfer the consideration for the transfer to the company that issued the securities.

The person appointed under subparagraph (a)(i) has authority to sign the transfer on behalf of the holder of the securities.

666B(2)   [ Procedure upon receipt of documents]  

If the person acquiring the securities complies with subsection (1), the company that issued the securities must:


(a) register the person as the holder of the securities; and


(b) hold the consideration received under subsection (1) in trust for the person who held the securities immediately before registration; and


(c) give written notice to the person referred to in paragraph (b) as soon as practicable that the consideration has been received and is being held by the company pending their instructions as to how it is to be dealt with.

666B(3)   [ Obligation in relation to money]  

If the consideration held under subsection (2) consists of, or includes, money, that money must be paid into a bank account opened and maintained for that purpose only.

666B(4)   [ Strict liability offence]  

An offence based on subsection (2) or (3) is an offence of strict liability.

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


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