CORPORATIONS ACT 2001 - SECT 663C Right of holders of convertible securities to be bought out
CORPORATIONS ACT 2001 - SECT 663C
Right of holders of convertible securities to be bought out(1) Within 1 month after notice under section 663B is given in relation to convertible securities, the holder of the convertible securities may give the bidder a notice requiring the bidder to acquire the securities.
(2) The holder's notice gives rise to a contract between the holder and the bidder for the sale of the securities on:
(a) the terms agreed to by the bidder and the holder; or
(b) the terms determined by the Court on application by the holder.
(3) If the Court makes a determination under paragraph
(2)(b) in relation to the terms of sale for a holder's securities of a
particular class, the determination applies to all holders of securities in
that class who have applications to the Court pending for a determination
under that paragraph in relation to the terms of sale of their securities.