Corporations Act 2001
Modifying legislative instruments: The application of Ch 6A is affected by the following legislative instruments that commenced on or after 1 January 2022: ASIC Corporations (Compulsory Acquisitions and Buyouts) Instrument 2023/684.
For legislative instruments or class orders before 1 January 2022 that affect the application of Ch 6A, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
An expert ' s report under section 663B , 664C or 665B must: (a) be prepared by a person nominated by ASIC under section 667AA ; and (b) state whether, in the expert ' s opinion, the terms proposed in the notice give a fair value for the securities concerned; and (c) set out the reasons for forming that opinion.
Note: See section 667C on valuation.
667A(2)
If the person giving the compulsory acquisition notice is relying on paragraph 664A(2)(c) to give the notice, the expert ' s report under section 664C must also: (a) state whether, in the expert ' s opinion, the person (either alone or together with a related body corporate) has full beneficial ownership in at least 90% by value of all the securities of the company that are shares or convertible into shares; and (b) set out the reasons for forming that opinion.
667A(3)
If the person giving the compulsory acquisition notice obtains 2 or more reports, each of which were obtained for the purposes of that notice, a copy of each report must be given to the holder of the securities.
667A(4)
An offence based on subsection (3) is an offence of strict liability.
Note: For strict liability , see section 6.1 of the Criminal Code .
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