THE CORPORATIONS LAW

CHAPTER 6D - FUNDRAISING

PART 6D.4 - ASIC'S POWERS

SECTION 740   ANTI-AVOIDANCE DETERMINATIONS  

740(1)  [Aggregation of transactions of related bodies]  

ASIC may determine in writing that a number of different bodies are closely related and that their transactions should be aggregated for the purposes of this Chapter. If ASIC does so:

(a)  an issue, sale or transfer of securities in any other bodies is taken to also be an issue, sale or transfer of the securities of each of the other bodies by those bodies; and

(b)  any money received from an issue, sale or transfer of securities in any of the bodies is taken to also be received by each of the other bodies from an issue, sale or transfer of its own securities.

ASIC must give written notice of the determination to each of the bodies.

740(2)  [Aggregation of transactions of body and person controlling body]  

ASIC may determine in writing that the transactions of a body and of a person who controls the body should be aggregated for the purposes of this Chapter. If ASIC does so:

(a)  an issue of securities in the body is taken to also be the transfer of the securities by the controller; and

(b)  any money received from an issue of securities in the body is taken to also be received by the controller from a transfer of the securities; and

(c)  a sale or transfer of securities in the body by the controller is taken to also be the issue of the securities by the body; and

(d)  any money received from a sale or transfer of securities in the body by the controller is taken to also be received by the body from an issue of the securities.

ASIC must give written notice of the determination to the body and the controller.