THE CORPORATIONS LAW

CCH Note: Part 13 of the Corporations Act 1989, inserted by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as follows:

PART 13 - THE CORPORATIONS LAW

THE CORPORATIONS LAW   82 

The Corporations Law is as follows:...

CHAPTER 2B - BASIC FEATURES OF A COMPANY

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History

Chapter 2B inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).

PART 2B.7 - CHANGING COMPANY TYPE

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History

Part 2B.7 inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).

SECTION 165   ASIC MAY DIRECT A PROPRIETARY COMPANY TO CHANGE TO A PUBLIC COMPANY IN CERTAIN CIRCUMSTANCES  

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165(1)  [ASIC direction]  

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ASIC may direct a proprietary company in writing to change to a public company within 2 months if it is satisfied that the company has contravened section 113 (requirements for proprietary companies).

165(2)  [Compliance with direction]  

The company must comply with the direction within 2 months after being given it by doing everything necessary to change to a public company under section 164.

165(3)  [Non-compliance]  

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If a proprietary company does not comply with subsection (2), ASIC may change the company from a proprietary to a public company by altering the details of the company's registration to reflect the company's new type.

165(4)  [Effect]  

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A change of type under this section takes effect when ASIC alters the details of the company's registration.

165(5)  [Certificate of registration]  

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ASIC must give the company a new certificate of registration after it alters the details of the company's registration under subsection (3). The company's name is the name specified in the certificate of registration issued under this section.

Note:

For the evidentiary value of a certificate of registration, see subsection 1274(7A).

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History

S 165 amended by No 54 of 1998, Sch 5, Pt 2 (effective 1 July 1998).

S 165 substituted by No 61 of 1998, Sch 1 (effective 1 July 1998).

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