Corporations Act 2001
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.
If the bidder and their associates have relevant interests in at least 90% of the securities (by number) in the bid class at the end of the offer period, the bidder must offer to buy out the remaining holders of bid class securities in accordance with sections 662B and 662C .
662A(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 .
View history note
Hide history note662A(2)
This section does not apply to securities that are issued: (a) if the takeover bid was not subject to a defeating condition - after the end of the offer period; or (b) if the takeover bid was subject to a defeating condition - after the notice whether the bid is free from a defeating condition or not is given under subsection 630(3) .
Modifying legislative instruments: Section 662A is modified by the following legislative instruments that commenced on or after 1 January 2022: theASIC Corporations (Compulsory Acquisitions and Buyouts) Instrument 2023/684.
For modifying legislative instruments or class orders before 1 January 2022, 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.
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