THE CORPORATIONS LAW

CHAPTER 9 - MISCELLANEOUS

PART 9.5 - POWERS OF COURTS

SECTION 1325A   ORDERS IF CONTRAVENTION OF CHAPTER 6, 6A, 6B OR 6C  

1325A(1)  [Power of Court to make orders about person contravening]  

The Court may make any order or orders (including a remedial order) that it considers appropriate if a person:

(a)  contravenes a provision of Chapter 6, 6A, 6B or 6C; or

(b)  contravenes a condition on a consent given by ASIC under section 652B; or

(c)  states in a notice under section 672B about securities that they do not know particular information about:

(i) the securities; or

(ii) someone who has a relevant interest in, or has given instructions in relation to, the securities.

Note 1:

Section 9 defines remedial order .

Note 2:

Sections 659B and 659C deal with court proceedings during and after a takeover bid.

1325A(2)  [Power of Court to make orders about takeover bid]  

The Court may make any order or orders (including a remedial order) that it considers appropriate if:

(a)  the consideration offered under a takeover bid is or includes securities; and

(b)  the offers under the bid or the bidder's statement states or implies that the securities are to be quoted on a stock market of a securities exchange (whether in Australia or elsewhere) and:

(i) an application for admission to quotation is not made within 7 days after the start of the bid period; or

(ii) permission for admission to quotation is not granted within 7 days after the end of the bid period.

Note:

Section 9 defines remedial order .

1325A(3)  [Who may make application]  

An order under this section may be made on application by the following:

(a)  ASIC

(b)  the company, or the responsible entity of the registered scheme, whose securities are involved in the contravention

(c)  a member or former member of that company or scheme

(d)  a person from whom the relevant interest in the securities were acquired

(e)  a person whose interests are affected by the contravention.