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CORPORATIONS ACT 2001

CHAPTER 6C - INFORMATION ABOUT OWNERSHIP OF LISTED COMPANIES AND MANAGED INVESTMENT SCHEMES  

PART 6C.2 - TRACING BENEFICIAL OWNERSHIP OF SHARES  

SECTION 672B  DISCLOSURE BY MEMBER OF RELEVANT INTERESTS AND INSTRUCTIONS  

672B(1)  [Contents of disclosure]  

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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 or interests in the scheme 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).

672B(1A)  [Extent of disclosure]  

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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.

672B(1B)  [Strict liability offence]  

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

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

672B(2)  [Time limit for disclosure]  


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 company or responsible entity - the company or responsible entity pays any fee payable under the regulations made for the purposes of section 672D.

672B(3)  [Vexatious direction]  


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

 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
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