Corporations Act 2001

CHAPTER 6A - COMPULSORY ACQUISITIONS AND BUY-OUTS  

PART 6A.3 - COMPLETION OF COMPULSORY ACQUISITION OF SECURITIES  

SECTION 666A   COMPLETING THE ACQUISITION OF SECURITIES  

Completion to be by private treaty or statutory procedure.

666A(1)    
A person entitled to acquire securities under section 661A or 664A must either:

(a)    pay, issue or transfer the consideration to the holder, take a transfer of the securities from the holder and have the company that issued the securities register the transfer; or

(b)    complete the procedure laid down in section 666B ;

by the end of the period referred to in subsection (2) or (3) .

Strict liability offences

666A(1A)    

An offence based on subsection (1) is an offence of strict liability.

Note: For strict liability , see section 6.1 of the Criminal Code .

Time for completing compulsory acquisition following takeover

666A(2)    
For an acquisition under section 661A , the period ends 14 days after the later of:

(a)    the end of 1 month after the compulsory acquisition notice was lodged with ASIC under section 661B ; or

(b)    the end of 14 days after the last statement under section 661D was given if a request is made under that section; or

(c)    if an application to stop the acquisition is made to the Court under section 661E - the application is finally determined.

Time for completing compulsory acquisition under Part 6A.2

666A(3)    
For an acquisition under section 664A or 664F , the period ends 14 days after the later of:

(a)    the end of the objection period; or

(b)    if an application for approval of the acquisition is made to the Court under section 664F in relation to the securities - the application is finally determined.