Corporations Act 2001
CHAPTER 6A
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COMPULSORY ACQUISITIONS AND BUY-OUTS
PART 6A.1
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COMPULSORY ACQUISITIONS AND BUY-OUTS FOLLOWING TAKEOVER BID
Division 1
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Compulsory acquisition of bid class securities
SECTION 661E
HOLDER MAY APPLY TO COURT TO STOP ACQUISITION
661E(1)
The holder of securities covered by a compulsory acquisition notice under section 661B may apply to the Court for an order that the securities not be compulsorily acquired under subsection 661A(1) . The application must be made before the later of: (a) the end of 1 month after the holder is given notice under section 661B ; or (b) the end of 14 days after the holder is given a statement under section 661D if the holder asks for it.
661E(2)
The Court may order that the securities not be compulsorily acquired under subsection 661A(1) only if the Court is satisfied that the consideration is not fair value for the securities.
661E(3)
If the Court makes an order under this section in relation to an acquisition of securities, the order applies to all holders who have applications to the Court pending for an order under this section in relation to the acquisition.
Modifying legislative instruments: The application of Ch 6A is affected by the following legislative instruments that commenced on or after 1 January 2022: ASIC Corporations (Compulsory Acquisitions and Buyouts) Instrument 2023/684.
For legislative instruments or class orders before 1 January 2022 that affect the application of Ch 6A, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
The holder of securities covered by a compulsory acquisition notice under section 661B may apply to the Court for an order that the securities not be compulsorily acquired under subsection 661A(1) . The application must be made before the later of: (a) the end of 1 month after the holder is given notice under section 661B ; or (b) the end of 14 days after the holder is given a statement under section 661D if the holder asks for it.
661E(2)
The Court may order that the securities not be compulsorily acquired under subsection 661A(1) only if the Court is satisfied that the consideration is not fair value for the securities.
Note: See section 667C on valuation.
661E(3)
If the Court makes an order under this section in relation to an acquisition of securities, the order applies to all holders who have applications to the Court pending for an order under this section in relation to the acquisition.
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