Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 601DJ

             (1)  ASIC may direct a registered Australian body or registered foreign company in writing to change the name under which the body or company is registered within 2 months if:

                     (a)  the name should not have been registered; or

                     (b)  the body or company has breached a condition under subsection 601DC(3) on the availability of the name; or

                     (c)  a consent given under subsection 601DC(4) to use or assume the name has been withdrawn; or

                     (d)  the body or company has breached a condition on a consent given under subsection 601DC(4); or

                     (e)  the body or company ceases to be permitted to use or assume the name (as referred to in paragraph 601DC(4)(b)).

             (2)  The body or company must comply with the direction within 2 months after being given it by doing everything necessary to change its name for the purposes of this Act under section 601DH.

             (3)  If the body or company does not comply with subsection (2), ASIC may change the body's or company's name to a name that includes its ARBN by altering the details of the body's or company's registration to reflect the change.

             (4)  For the purposes of this Act, a change of name under subsection (3) takes effect when ASIC alters the details of the body's or foreign company's registration.

Note:          ASIC must issue a new certificate reflecting the name change (see section 601CU).

Contents

Chapter 5C--Managed investment schemes                                                          1

Part 5C.1--Registration of managed investment schemes                              1

601EA... Applying for registration .................................................................... 1

601EB... Registration of managed investment scheme ...................................... 1

601EC... All documents etc. lodged with ASIC to bear ARSN or ABN ........... 2

601ED... When a managed investment scheme must be registered .................... 2

601EE... Unregistered schemes may be wound up ........................................... 4

Part 5C.2--The responsible entity                                                                                 5

Division 1--Responsibilities and powers                                                           5

601FA... Responsible entity to be public company and hold Australian financial services licence        5

601FB... Responsible entity to operate scheme ................................................ 5

601FC... Duties of responsible entity ............................................................... 6

601FD... Duties of officers of responsible entity .............................................. 7

601FE... Duties of employees of responsible entity ........................................ 8

601FF... Surveillance checks by ASIC .............................................................. 9

601FG... Acquisition of interest in scheme by responsible entity .................... 9

601FH... Liquidator etc. of responsible entity entitled to exercise indemnity rights               10

Division 2--Changing the responsible entity                                                 11

601FJ.... Changes only take effect when ASIC alters record of registration ... 11

601FK... Requirements of section 601FA must be met .................................. 11

601FL... Retirement of responsible entity ...................................................... 11

601FM.. Removal of responsible entity by members ..................................... 12

601FN... ASIC or scheme member may apply to Court for appointment of temporary responsible entity          13

601FP... Appointment of temporary responsible entity by Court ................ 13

601FQ... Temporary responsible entity to take steps for appointment of new responsible entity       13

Division 3--Consequences of change of responsible entity                   15

601FR... Former responsible entity to hand over books and provide reasonable assistance 15

601FS.... Rights, obligations and liabilities of former responsible entity ........ 15

601FT... Effect of change of responsible entity on documents etc. to which former responsible entity is party 15

Part 5C.3--The constitution                                                                                             17

601GA.. Contents of the constitution ............................................................. 17

601GB.. Constitution must be legally enforceable .......................................... 18

601GC.. Changing the constitution ................................................................. 18

Part 5C.4--The compliance plan                                                                                   19

601HA.. Contents of the compliance plan ...................................................... 19

601HB.. Compliance plan may incorporate provisions from another scheme's plan             20

601HC.. Directors must sign lodged copy of compliance plan ....................... 20

601HD.. ASIC may require further information about compliance plan ........ 20

601HE... Changing the compliance plan .......................................................... 20

601HF... ASIC may require consolidation of compliance plan to be lodged ... 21

601HG.. Audit of compliance plan ................................................................. 21

601HH.. Removal and resignation of auditors ................................................. 26

601HI.... Action on change of auditor of compliance plan .............................. 27

Part 5C.5--The compliance committee                                                                     28

601JA... When is a compliance committee required? ...................................... 28

601JB.... Membership of compliance committee ............................................ 29

601JC.... Functions of compliance committee ................................................. 30

601JD... Duties of members ............................................................................ 31

601JE.... Compliance committee members have qualified privilege in certain cases                31

601JF.... When can responsible entity indemnify compliance committee members?              32

601JG... When can responsible entity pay insurance premiums for compliance committee members?                 32

601JH... Proceedings of compliance committee .............................................. 33

601JJ..... Disclosure of interests ...................................................................... 33

Part 5C.6--Members' rights to withdraw from a scheme                               34

601KA.. Members' rights to withdraw ........................................................... 34

601KB.. Non‑liquid schemes--offers ............................................................. 35

601KC.. Non‑liquid schemes--only one withdrawal offer to be open at any time                36

601KD.. Non‑liquid schemes--how payments are to be made ...................... 36

601KE... Non‑liquid schemes--responsible entity may cancel withdrawal offer   36

Part 5C.7--Related party transactions                                                                     37

601LA... Chapter 2E applies with modifications ............................................ 37

601LB... Replacement section 207 .................................................................. 37

601LC... Replacement section 208 .................................................................. 37

601LD... Omission of sections 213, 214 and 224 ............................................ 39

601LE... Modification of section 225 ............................................................. 39

Part 5C.8--Effect of contraventions (civil liability and voidable contracts)               40

601MA. Civil liability of responsible entity to members ............................... 40

601MB. Voidable contracts where subscription offers and invitations contravene this Act 40

Part 5C.9--Winding up                                                                                                       42

601NA.. Winding up required by scheme's constitution ................................ 42

601NB.. Winding up at direction of members ................................................. 42

601NC.. Winding up if scheme's purpose accomplished or cannot be accomplished            42

601ND.. Winding up ordered by Court ........................................................... 43

601NE... The winding up of the scheme .......................................................... 43

601NF... Other orders about winding up ......................................................... 44

601NG.. Unclaimed money to be paid to ASIC .............................................. 45

Part 5C.10--Deregistration                                                                                             46

601PA... Deregistration--voluntary ................................................................ 46

601PB... Deregistration by ASIC .................................................................... 46

601PC... Reinstatement ................................................................................... 48

Part 5C.11--Exemptions and modifications                                                            49

601QA.. ASIC's power to make exemption and modification orders ............. 49

601QB.. Modification by regulations ............................................................. 50

Chapter 6--Takeovers                                                                                                       51

602........ Purposes of Chapter ......................................................................... 51

602A..... Substantial interest concept .............................................................. 52

603........ Chapter extends to some listed bodies that are not companies ........ 52

604........ Chapter extends to listed managed investment schemes .................. 52

605........ Classes of securities .......................................................................... 53

Part 6.1--Prohibited acquisitions of relevant interests in voting shares 54

606........ Prohibition on certain acquisitions of relevant interests in voting shares                 54

607........ Effect on transactions ....................................................................... 56

608........ Relevant interests in securities ......................................................... 57

609........ Situations not giving rise to relevant interests .................................. 59

610........ Voting power in a body or managed investment scheme .................. 62

Part 6.2--Exceptions to the prohibition                                                                     64

611........ Exceptions to the prohibition ........................................................... 64

612........ Effect of non‑compliance with takeover rules for exceptions 1 to 4 69

613........ Bidder not to exercise voting rights if failure to send bids for off‑market acquisition--exception 2 or 3                69

615........ Treatment of foreign holders under equal access issue--exception 10 69

Part 6.3--The different types of takeover bid                                                       71

616........ Off‑market bids and market bids ...................................................... 71

Part 6.4--Formulating the takeover offer                                                                72

Division 1--General                                                                                                     72

617........ Securities covered by the bid ............................................................ 72

618........ Offers must be for all or a proportion of securities in the bid class . 72

619........ General terms of the offer ................................................................. 73

620........ Off‑market bid (offer formalities) ..................................................... 74

Division 2--Consideration for the offer                                                             76

621........ Consideration offered ....................................................................... 76

622........ Escalation agreements ....................................................................... 77

623........ Collateral benefits not allowed ......................................................... 78

Division 3--The offer period                                                                                   80

624........ Offer period ...................................................................................... 80

Division 4--Conditional offers                                                                                81

625........ Conditional offers--general .............................................................. 81

626........ Maximum acceptance conditions in off‑market bids ........................ 81

627........ Discriminatory conditions not allowed for off‑market bids ............. 82

628........ Conditions requiring payments to officers of target not allowed in off‑market bids                82

629........ Conditions turning on bidder's or associate's opinion not allowed in off‑market bids            83

630........ Defeating conditions ......................................................................... 83

Part 6.5--The takeover procedure                                                                              86

Division 1--The overall procedure                                                                      86

631........ Proposing or announcing a bid .......................................................... 86

632........ Overview of steps in an off‑market bid ............................................ 87

633........ Detailed steps in an off‑market bid .................................................. 87

634........ Overview of steps in a market bid .................................................... 91

635........ Detailed steps in a market bid .......................................................... 92

Division 2--The bidder's statement                                                                   96

636........ Bidder's statement content ............................................................... 96

637........ Bidder's statement formalities .......................................................... 99

Division 3--The target's response                                                                    100

638........ Target's statement content ............................................................. 100

639........ Target's statement formalities ........................................................ 101

640........ Expert's report to accompany target's statement if bidder connected with target   102

641........ Target must inform bidder about securities holdings ...................... 103

642........ Expenses of directors of target companies ..................................... 104

Division 4--Updating and correcting the bidder's statement and target's statement   105

643........ Supplementary bidder's statement ................................................. 105

644........ Supplementary target's statement .................................................. 105

645........ Form of supplementary statement ................................................. 106

646........ Consequences of lodging a supplementary statement .................... 107

647........ To whom supplementary statement must be sent ......................... 107

Division 5--General rules on takeover procedure                                   109

Subdivision A--Experts' reports                                                                           109

648A..... Experts' reports .............................................................................. 109

Subdivision B--Sending documents to holders of securities                          110

648B..... Address at which bidder may send documents to holders of securities   110

648C..... Manner of sending documents to holders of securities .................. 110

Subdivision C--Effect of proportional takeover approval provisions              110

648D..... Constitution may contain proportional takeover approval provisions 110

648E...... Resolution to be put if proportional bid made ............................... 111

648F...... Effect of rejection of approval resolution ....................................... 112

648G..... Including proportional takeover provisions in constitution ........... 113

648H..... Effect of Subdivision ...................................................................... 116

Part 6.6--Variation of offers                                                                                         117

Division 1--Market bids                                                                                         117

649A..... General ............................................................................................ 117

649B..... Market bids--raising bid price ....................................................... 117

649C..... Market bids--extending the offer period ....................................... 117

Division 2--Off‑market bids (express variation by bidder)                  119

650A..... General ............................................................................................ 119

650B..... Off‑market bids--consideration offered ......................................... 119

650C..... Off‑market bids--extension of offer period ................................... 121

650D..... Off‑market bids--method of making variation ............................... 121

650E...... Right to withdraw acceptance ........................................................ 122

650F...... Freeing off‑market bids from defeating conditions ......................... 124

650G..... Contracts and acceptances void if defeating condition not fulfilled 124

Division 3--Off‑market bids (automatic variations)                                  125

651A..... Off‑market bid--effect on bid consideration of purchases made outside bid           125

651B..... How to make an election for new forms of consideration .............. 126

651C..... Returning securities as part of election ........................................... 127

Part 6.7--Withdrawal and suspension of offers                                                  128

652A..... Withdrawal of unaccepted offers under takeover bid ..................... 128

652B..... Withdrawal of takeover offers with ASIC consent ........................ 128

652C..... Withdrawal of market bids ............................................................. 128

Part 6.8--Acceptances                                                                                                      130

653A..... Acceptance of offers made under off‑market bid ........................... 130

653B..... Acceptances by transferees and nominees of offers made under off‑market bid      130

Part 6.9--Other activities during the bid period                                                 132

654A..... Bidder not to dispose of securities during the bid period ............... 132

654B..... Disclosures about substantial shareholdings in listed companies ... 132

654C..... Disclosures about substantial shareholdings in unlisted companies 132

Part 6.10--Review and intervention                                                                         134

Division 1--ASIC's power to exempt and modify                                      134

655A..... ASIC's power to exempt and modify ............................................ 134

655B..... Notice of decision and review rights ............................................... 135

Division 2--The Takeovers Panel                                                                     136

Subdivision A--Review of ASIC's exercise of its exemption or modification powers          136

656A..... Review of exercise of exemption or modification powers .............. 136

656B..... Operation and implementation of a decision that is subject to review 137

Subdivision B--Unacceptable circumstances                                                     138

657A..... Declaration of unacceptable circumstances .................................... 138

657B..... When Panel may make declaration ................................................. 140

657C..... Applying for declarations and orders ............................................. 140

657D..... Orders that Panel may make following declaration ........................ 141

657E...... Interim orders ................................................................................. 142

657EA... Internal Panel reviews ..................................................................... 143

657EB... References by Courts ..................................................................... 144

657F...... Offence to contravene Panel order .................................................. 144

657G..... Orders by the Court where contravention or proposed contravention of Panel order             144

657H..... ASIC may publish report about application to Panel or Court ..... 145

Subdivision C--General provisions                                                                      146

658A..... Power of Panel where a proceeding is frivolous or vexatious ......... 146

658B..... Evidentiary value of findings of fact by Panel ................................ 146

658C..... Panel's power to make rules ........................................................... 146

658D..... Inconsistency between Panel rules and ASIC exemption or declaration 147

Division 3--Court powers                                                                                       148

659A..... Panel may refer questions of law to the Court ............................... 148

659AA.. Object of sections 659B and 659C ................................................. 148

659B..... Court proceedings before end of bid period ................................... 148

659C..... Court proceedings after end of bid period ...................................... 150

Chapter 6A--Compulsory acquisitions and buy‑outs                                      151

660A..... Chapter extends to some listed bodies that are not companies ...... 151

660B..... Chapter extends to listed managed investment schemes ................ 151

Part 6A.1--Compulsory acquisitions and buy‑outs following takeover bid                 152

Division 1--Compulsory acquisition of bid class securities                 152

661A..... Compulsory acquisition power following takeover bid ................. 152

661B..... Compulsory acquisition notice ....................................................... 154

661C..... Terms on which securities to be acquired ....................................... 155

661D..... Holder may obtain names and addresses of other holders .............. 156

661E...... Holder may apply to Court to stop acquisition ............................. 156

661F...... Signpost--completing the acquisition of the securities .................. 157

Division 2--Compulsory buy‑out of bid class securities                        158

662A..... Bidder must offer to buy out remaining holders of bid class securities 158

662B..... Bidder to tell remaining holders of their right to be bought out ...... 158

662C..... Right of remaining holder of securities in the bid class to be bought out 160

Division 3--Compulsory buy‑out of convertible securities                  161

663A..... Bidder must offer to buy out holders of convertible <