Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.3 - LICENSING OF CLEARING AND SETTLEMENT FACILITIES  

Division 2 - Regulation of CS facility licensees  

Subdivision E - Matters relating to Reserve Bank recapitalisation directions  

SECTION 823L   RECAPITALISATION DIRECTIONS - MATTERS RELATING TO COMPLIANCE  

Giving members of the licensee notice of share issue etc.

823L(1)    
As soon as practicable after a CS facility licensee issues shares, rights to acquire shares, or other capital instruments in compliance with a recapitalisation direction, the licensee must give a written notice:

(a)    to the persons who were members of the licensee just before the issue; and

(b)    that:

(i) identifies the issue; and

(ii) explains the effect of the issue of the shares, rights to acquire shares, or other capital instruments on the members ' interests.

823L(2)    
If the licensee fails to comply with subsection (1) , the Reserve Bank may apply to the Court for, and the Court may make, an order that the licensee comply with that subsection.

Issue of shares etc. despite other laws etc.

823L(3)    
A CS facility licensee may issue shares, rights to acquire shares, or other capital instruments in compliance with a recapitalisation direction despite all of the following:

(a)    this Act;

(b)    the licensee ' s constitution;

(c)    the facility ' s operating instruments referred to in paragraph 823F(1)(a) ;

(d)    any arrangement to which the licensee is a party;

(e)    any listing rules of a financial market in whose official list the licensee is included.