Australian Securities and Investments Commission Class Order [Co 00/0189] (Cth)

Australian Securities and Investments Commission
Corporations Law — Subsection 741(1) — Exemption

Under subsection 741(1) of the Corporations Law (the Law) the Australian Securities and Investments Commission hereby exempts a person in the circumstances specified in Schedule A from subsections 723(1) and 727(2) of the Law to the extent specified in Schedule B.

SCHEDULE A

This exemption applies where:

(a)        subsection 724(1) of the Law requires a person who has offered securities under a disclosure document to deal under subsection 724(2) of the Law with applications for securities made under the disclosure document that have not resulted in an issue or transfer of securities (“the original applications”);

(b)        the person elects to deal with the original applications under paragraphs 724(2)(b) or (c), so that certain other documents referred to in subsection 724(3) (“the new disclosure documents”) are required to be given to the applicants; and

(c)        any application form which is referable to the new disclosure documents is not different to the application form which was used to make the original applications.

SCHEDULE B

The person is exempted from subsection 723(1) to the extent that it requires the person, when issuing or transferring securities to applicants as part of or after following the procedure set out in paragraphs 724(b) or (c), to have reasonable grounds to believe that the original applications were made on forms which were :

(a)        included in or accompanied by the new disclosure documents; or

(b)        copied or directly derived from forms which were included in or accompanied by the new disclosure documents.

The person is exempted from subsection 727(2) of the Law to the extent that it requires the person when giving the new disclosure documents under subsection 724(2) to cause an application form that is referrable to the new disclosure documents to be included in or to accompany the new disclosure documents.

Dated this 15th day of February 2000

Signed by Brendan Byrne
as a delegate of the Australian Securities and Investments Commission