Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 (76 of 2023)

Schedule 5   Rationalisation of ending ASIC instruments

Part 1   Acquisitions of relevant interests in voting shares

Corporations Act 2001

1   Section 9 (definition of convertible securities)

Repeal the definition, substitute:

convertible securities : securities are convertible into another class of securities if the holder may, by the exercise of rights attached to those securities:

(a) have the other class of securities issued to them; or

(b) have the securities transform into securities of that other class.

An option may be a convertible security even if it is non-renounceable.