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 6A - COMPULSORY ACQUISITIONS AND BUY-OUTS

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History

Chapter 6A inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).

PART 6A.2 - GENERAL COMPULSORY ACQUISITIONS AND BUY-OUTS

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History

Part 6A.2 inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).

Division 2 - Compulsory buy-out of convertible securities by 100% holder

SECTION 665A   100% HOLDER MUST OFFER TO BUY OUT HOLDERS OF CONVERTIBLE SECURITIES  

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665A(1)  (Definition of 100% holder)  

A person is a 100% holder of securities in a class if the person, either alone or with a related body corporate, holds full beneficial interests in all the securities in the class.

665A(2)  [Obligation to offer to buy out]  

A 100% holder in relation to a class of securities (the main class ) who becomes a 100% holder through compulsory acquisitions under this Part must offer to buy out the holders of securities in another class that are convertible into main class securities in accordance with sections 665B and 665C. This subsection does not apply to securities if a notice is given in relation to the securities under section 661B, 662B or 664C.

Note:

For when securities are convertible into main class securities, see the definition of convertible securities in section 9.

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History

S 665A inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).

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