Corporations Act 2001

CHAPTER 6A - COMPULSORY ACQUISITIONS AND BUY-OUTS  

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.

PART 6A.5 - RECORDS OF UNCLAIMED CONSIDERATION  

SECTION 668B   UNCLAIMED CONSIDERATION TO BE TRANSFERRED TO ASIC  

668B(1)    
If the company has not transferred the unclaimed consideration to the person entitled to it within 12 months after the publication of a copy of the records in the Gazette , the company must transfer the consideration to ASIC within 1 month after the end of that 12 month period.

668B(1A)    

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

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

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History

S 668B(1A) inserted by No 117 of 2001, s 3, Sch 1 [ 244].

668B(2)    
The company is then discharged from liability to any person in respect of the consideration.

668B(3)    
ASIC must deal with the consideration under Part 9.7 .

668B(4)    
Except as provided by subsection (2) , this Part does not deprive a person of any right or remedy to which the person is entitled against a liquidator or company.

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