THE CORPORATIONS LAW

CHAPTER 6A - COMPULSORY ACQUISITIONS AND BUY-OUTS

PART 6A.1 - COMPULSORY ACQUISITIONS AND BUY-OUTS FOLLOWING TAKEOVER BID

Division 3 - Compulsory buy-out of convertible securities

SECTION 663C   RIGHT OF HOLDERS OF CONVERTIBLE SECURITIES TO BE BOUGHT OUT  

663C(1)  [Notice requiring acquisition]  

Within 1 month after notice under section 663B is given in relation to convertible securities, the holder of the convertible securities may give the bidder a notice requiring the bidder to acquire the securities.

663C(2)  [Existence of contract]  

The holder's notice gives rise to a contract between the holder and the bidder for the sale of the securities on:

(a)  the terms agreed to by the bidder and the holder; or

(b)  the terms determined by the Court on application by the holder.

663C(3)  [Court determination]  

If the Court makes a determination under paragraph (2)(b) in relation to the terms of sale for a holder's securities of a particular class, the determination applies to all holders of securities in that class who have applications to the Court pending for a determination under that paragraph in relation to the terms of sale of their securities.