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 2 - Compulsory buy-out of convertible securities by 100% holder
SECTION 665C RIGHT OF HOLDERS OF CONVERTIBLE SECURITIES TO BE BOUGHT OUT 665C(1) [Notice requiring acquisition] Within 1 month after notice under section 665B is given in relation to convertible securities, the holder of the convertible securities may give the 100% holder a notice requiring the 100% holder to acquire the securities. 665C(2) [Existence of contract] The notice by the holder of convertible securities gives rise to a contract between the holder and the 100% holder for the sale of the securities on: (a) terms agreed to by the 100% holder and the holder of the convertible securities; or (b) the terms determined by the Court on application by the holder of the convertible securities. 665C(3) [Court determination] If the Court makes a determination under paragraph (2)(b) in relation to the terms of sale for a holder's convertible securities of a particular class, the determination applies to all holders of convertible securities in that class who have applications to the Court pending for a determination under that paragraph in relation to the terms of sale of their convertible securities.
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