CHAPTER 6A
-
COMPULSORY ACQUISITIONS AND BUY-OUTS
SECTION 660A
660A
CHAPTER EXTENDS TO SOME LISTED BODIES THAT ARE NOT COMPANIES
CCH Note:
Section 660A is modified by the ASIC Corporations (Takeover Bids) Instrument 2023/683; and the ASIC Corporations (Compulsory Acquisitions and Buyouts) Instrument 2023/684.
This Chapter extends to the acquisition of securities of listed bodies that are not companies but are incorporated or formed in Australia in the same way as it applies to the acquisition of securities of companies.
Note 1: Section
9
defines
company
and
listed
.
Note 2: This Chapter only applies to the acquisition of securities in a CCIV if the CCIV is a listed company: see section
1240E
.
History
S 660A amended by No 8 of 2022, s 3, Sch 2[161] and
[
162] (effective 1 July 2022).
SECTION 660B
CHAPTER EXTENDS TO LISTED REGISTERED SCHEMES
CCH Note:
Section 660B is modified by the ASIC Corporations (Takeover Bids) Instrument 2023/683; and the ASIC Corporations (Compulsory Acquisitions and Buyouts) Instrument 2023/684.
660B(1)
This Chapter extends to the acquisition of interests in a registered scheme that is also listed as if:
(a)
the scheme were a company; and
(b)
interests in the scheme were shares in the company; and
(c)
voting interests in the scheme were voting shares in the company.
660B(2)
If Part
6A.1
applies to a scheme at the end of the bid period for a takeover, that Part continues to apply to the scheme in relation to the takeover bid even if the scheme ceases to be listed.
660B(3)
If Part
6A.2
applies to a scheme when a compulsory acquisition notice under section
664C
is lodged, that Part (including Division 2 of that Part) continues to apply to the scheme in relation to the notice even if the scheme ceases to be listed.
[
CCH Note:
S 660B(3) will be amended by No 69 of 2020, s 3, Sch 1[1019], by inserting
"
with the Registrar
"
after
"
lodged
"
, (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
660B(4)
The regulations may modify the operation of this Chapter as it applies in relation to the acquisition of interests in listed registered schemes.
History
S 660B(4) amended by No 61 of 2018, s 3, Sch 2[161] (effective 18 September 2018).
SECTION 660C
660C
CHAPTER DOES NOT APPLY TO MCIs
CCH Note:
Section 660C is modified by the ASIC Corporations (Takeover Bids) Instrument 2023/683; and the ASIC Corporations (Compulsory Acquisitions and Buyouts) Instrument 2023/684.
This Chapter does not apply to MCIs.
History
S 660C inserted by No 37 of 2019, s 3, Sch 2[10] (effective 6 April 2019).
PART 6A.5
-
RECORDS OF UNCLAIMED CONSIDERATION
SECTION 668A
COMPANY
'
S POWER TO DEAL WITH UNCLAIMED CONSIDERATION FOR COMPULSORY ACQUISITION
CCH Note:
Section 668A is modified by the ASIC Corporations (Takeover Bids) Instrument 2023/683; and the ASIC Corporations (Compulsory Acquisitions and Buyouts) Instrument 2023/684.
Records of unclaimed compulsory acquisition consideration
668A(1)
If a company is paid consideration in respect of securities that are compulsorily acquired under Part
6A.1
or
6A.3
, the company must maintain records of:
(a)
the consideration paid (including any benefit accruing from the consideration and any property substituted for the whole or any part of that consideration); and
(b)
the people who are entitled to that consideration; and
(c)
any transfers of the consideration to the people entitled to it.
668A(2)
The company must keep the records at:
(a)
its registered office; or
(b)
its principal place of business in this jurisdiction; or
(c)
another place in this jurisdiction approved by ASIC.
668A(3)
A person may ask the company to let the person inspect all or any of the records kept by the company under this section. The company must let the person inspect the records:
(a)
if the company requires payment of an amount not exceeding the prescribed amount
-
within 7 days after the day on which the company receives that amount; or
(b)
in any other case
-
within 7 days after the day on which the request is made.
668A(4)
By the end of February each year, the company must publish in the
Gazette
a copy of the records kept under subsection
(1)
as at the end of the previous December.
668A(5)
An offence based on subsection
(1)
,
(2)
,
(3)
or
(4)
is an offence of strict liability.
Note: For
strict liability
, see section 6.1 of the
Criminal Code
.
History
S 668A(5) inserted by No 117 of 2001, s 3, Sch 1
[
243].
SECTION 668B
UNCLAIMED CONSIDERATION TO BE TRANSFERRED TO ASIC
CCH Note:
Section 668B is modified by the ASIC Corporations (Takeover Bids) Instrument 2023/683; and the ASIC Corporations (Compulsory Acquisitions and Buyouts) Instrument 2023/684.
668B(1)
If the company has not transferred the unclaimed consideration to the person entitled to it within 12 months after the publication of a copy of the records in the
Gazette
, the company must transfer the consideration to ASIC within 1 month after the end of that 12 month period.
668B(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
.
History
S 668B(1A) inserted by No 117 of 2001, s 3, Sch 1
[
244].
668B(2)
The company is then discharged from liability to any person in respect of the consideration.
668B(3)
ASIC must deal with the consideration under Part
9.7
.
668B(4)
Except as provided by subsection
(2)
, this Part does not deprive a person of any right or remedy to which the person is entitled against a liquidator or company.