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CORPORATIONS ACT 2001 - SECT 665C Right of holders of convertible securities to be bought out

CORPORATIONS ACT 2001 - SECT 665C

Right of holders of convertible securities to be bought out

  (1)   Within 1 month after notice under section   665B is given in relation to convertible securities, the holder of the convertible securities may give the 100% holder a notice requiring the 100% holder to acquire the securities.

  (2)   The notice by the holder of convertible securities gives rise to a contract between the holder and the 100% holder for the sale of the securities on:

  (a)   terms agreed to by the 100% holder and the holder of the convertible securities; or

  (b)   the terms determined by the Court on application by the holder of the convertible securities.

  (3)   If the Court makes a determination under paragraph   (2)(b) in relation to the terms of sale for a holder's convertible securities of a particular class, the determination applies to all holders of convertible 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 convertible securities.

 

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