Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) The transferee under the scheme or contract may, within 2 months after the day the offer is approved, give written notice (a compulsory acquisition notice ) to a dissenting shareholder that the transferee wishes to acquire the shares held by the shareholder.
Note If a form is approved under s 466 for a compulsory acquisition notice, the form must be used.
(2) If a compulsory acquisition notice is given, the dissenting shareholder may, by notice given to the transferee within 1 month after the day the compulsory acquisition notice was received, ask for a written statement of the names and addresses of all other dissenting shareholders as shown in the register of members.
(3) The transferee must give the requested statement to the dissenting shareholder.
(4) Having given the compulsory acquisition notice, the transferee is, unless the Supreme Court otherwise orders, entitled and bound to acquire the dissenting shareholder's shares on the conditions on which, under the scheme or contract, the shares of the approving shareholders are to be transferred to the transferee.
(5) The Supreme Court may make an order to the contrary only on the application of the dissenting shareholder made within 28 days after the day the compulsory acquisition notice was received or within 14 days after the day any statement asked for under subsection (2) was received, whichever is the later.
(6) If alternative conditions are offered to the approving shareholders—
(a) the dissenting shareholder is entitled to elect which of the conditions are preferred, but must make the election within the time allowed for making an application to the Supreme Court under subsection (5);and
(b) if the dissenting shareholder does not make the election within that time—the transferee may, unless the Supreme Court otherwise orders, decide which of the conditions is to apply to the acquisition of the shares of the dissenting shareholder.