THE CORPORATIONS LAW
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82 The Corporations Law is as follows:...
CHAPTER 6A - COMPULSORY ACQUISITIONS AND BUY-OUTS
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Hide history notePART 6A.2 - GENERAL COMPULSORY ACQUISITIONS AND BUY-OUTS
Division 1 - Compulsory acquisition of securities by 90% holder
SECTION 664F THE COURT'S POWER TO APPROVE ACQUISITION 664F(1) [Application to Court] If people who hold at least 10% of the securities covered by the compulsory acquisition notice object to the acquisition before the end of the objection period, the 90% holder may apply to the Court for approval of the acquisition of the securities covered by the notice. 664F(2) [Time limit for application] The 90% holder must apply within 1 month after the end of the objection period. 664F(3) [Obligation to approve acquisition] If the 90% holder establishes that the terms set out in the compulsory acquisition notice give a fair value for the securities, the Court must approve the acquisition of the securities on those terms. Otherwise it must confirm that the acquisition will not take place.Note:
See section 667C on valuation. 664F(4) [Costs] The 90% holder must bear the costs that a person incurs on legal proceedings in relation to the application unless the Court is satisfied that the person acted improperly, vexatiously or otherwise unreasonably. The 90% holder must bear their own costs.
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