Australian Securities and Investments Commission Class Order [Co 01/1545] (Cth)

Australian Securities and Investments Commission

Corporations Act – Subsection 669(1) – Declaration

Under subsection 669(1) of the Corporations Act 2001 (the Act) the Australian Securities and Investments Commission hereby declares that Chapter 6A of the Act applies to all persons as if:

1. section 665D were modified by inserting after subsection 665D(3) the following new subsection: 

“(3A)   Despite subsection (3), a person does not have to notify the company that they have become an 85% holder in relation to a class of securities if the person has given to:

(a)   each of the company’s members; and

(b)   each holder of securities in that class who is not a member,

a compulsory acquisition notice under sections 661B or 664C or a buy-out notice under sections 662B, 663B or 665B.” 

1. subsection 665E(1) were modified by:

(a)   deleting the words “its members” and substituting the following: 

“:

(a)   each of its members; and

(b)   each holder of securities in that class who is not a member,”;

(b)   renumbering the existing paragraphs (a) and (b) as “(c)” and “(d)” respectively; and

(c)   inserting at the end of subsection 665E(1) the following new paragraph: 

“A company that is given a notice by a person under subsection 665D(3) does not have to notify a member or holder that the person has become an 85% holder if the person has given to the member or holder a compulsory acquisition notice under sections 661B or 664C or a buy-out notice under sections 662B, 663B or 665B.” 

1. subsections 665E(2) and (3) were modified by deleting the words “its members” wherever appearing and substituting “the member or holder”; and

1. subsection 665E(3) were modified by:

(a)   deleting the words “paragraphs (1)(a) and (b)” and substituting the words “paragraphs (1)(c) and (d)”; and

(b)   deleting the word “members” in paragraphs 665E(3)(a) and (b) and substituting the words “members or holders”.

Dated this 11^th day of December 2001.

Signed by Stephen Yen

as delegate of the Australian Securities and Investments Commission