Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
View history note
Hide history noteBefore giving a recapitalisation direction directing a CS facility licensee to issue one or more specified classes of: (a) shares in the licensee; or (b) rights to acquire shares in the licensee;
the Reserve Bank must:
(c) obtain a report on the fair value of those shares, or those rights, from an expert who is not an associate of the licensee; and (d) consider the report.Note: The report may not always be required: see subsection (4) .
823M(2)
The report must set out: (a) the amount that is, in the expert ' s opinion, the fair value for each of those shares or rights; and (b) the reasons for forming the opinion; and (c) any relationship between the expert and:
(i) the licensee; or
including any circumstances in which the expert gives the licensee or person advice, or acts on behalf of the licensee or person, in the proper performance of the functions attaching to the expert ' s professional capacity or business relationship with the licensee or person; and (d) any financial or other interest of the expert that could reasonably be regarded as being capable of affecting the expert ' s ability to give an unbiased opinion in relation to the matter being reported on.
(ii) a person who is an associate of the licensee;
823M(3)
The Reserve Bank may publish details of, or relating to the report.
823M(4)
Despite subsection (1) , the Reserve Bank need not obtain the report if it is satisfied that doing so would detrimentally affect: (a) participants, or proposed participants, in the CS facility; or (b) the continuity of one or more clearing and settlement facility services that are critical to the functioning of the financial system in Australia; or (c) the stability of the financial system in Australia.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
