Corporations Act 2001

CHAPTER 6A - COMPULSORY ACQUISITIONS AND BUY-OUTS  

PART 6A.5 - RECORDS OF UNCLAIMED CONSIDERATION  

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)    

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

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

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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.

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