CORPORATIONS ACT 2001 - SECT 672B Disclosure by member of relevant interests and instructions

CORPORATIONS ACT 2001 - SECT 672B

  (1)   A person given a direction under section   672A must disclose to the person giving the direction:

  (a)   full details of their own relevant interest in the shares, interests in the scheme or interests in the fund and of the circumstances that give rise to that interest; and

  (b)   the name and address of each other person who has a relevant interest in any of the shares or interests together with full details of:

  (i)   the nature and extent of the interest; and

  (ii)   the circumstances that give rise to the other person's interest; and

  (c)   the name and address of each person who has given the person instructions about:

  (i)   the acquisition or disposal of the shares or interests; or

  (ii)   the exercise of any voting or other rights attached to the shares or interests; or

  (iii)   any other matter relating to the shares or interests;

    together with full details of those instructions (including the date or dates on which they were given).

  (1A)   However, a matter referred to in paragraph   (1)(b) or (c) need only be disclosed to the extent to which it is known to the person required to make the disclosure.

Note:   A defendant bears an evidential burden in relation to the matter in subsection   (1A), see subsection   13.3(3) of the Criminal Code .

  (1B)   An offence based on subsection   (1) is an offence of strict liability.

Note:   For strict liability , see section   6.1 of the Criminal Code .

  (2)   The disclosure must be made within 2 business days after:

  (a)   the person is given the direction; or

  (b)   if the person applies for an exemption under section   673 from the obligation to make the disclosure and ASIC refuses to grant the exemption--ASIC notifies the person of its decision on the application; or

  (c)   if the direction is given by a listed company, the responsible entity of a listed registered scheme or the operator of a listed notified foreign passport fund--the company, responsible entity or operator pays any fee payable under the regulations made for the purposes of section   672D.

  (3)   The person does not have to comply with a direction given by the company, responsible entity or operator if the person proves that the giving of the direction is vexatious.