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CORPORATIONS ACT 2001

SCHEDULE 4 - TRANSFER OF FINANCIAL INSTITUTIONS AND FRIENDLY SOCIETIES    View history reference

Note: See section 1465A.

[CCH Note: The reference to "section 1465A" is a reference to the former Corporations Law.]

PART 5 - DEMUTUALISATIONS  

CLAUSE 35  - ORDERS THE COURT MAY MAKE  

35(1)  

Without limiting the Court's powers under Part 9.5, if the Court is satisfied that a person has engaged in conduct constituting a contravention of subclause 34(1), the Court may make 1 or more of the following orders:


(a) an order requiring the person or a person involved in the contravention to disclose to the public, to a particular person or to a particular class of persons, in the manner specified in the order, specified information, or information of a specified kind, (being information that is in the possession of the person to whom the order is directed or to which that person has access)


(b) an order requiring the person or a person involved in the contravention to publish, at their own expense, in a manner and at times specified in the order, advertisements the terms of which are specified in, or are to be determined in accordance with, the order


(c) any order that it thinks necessary or desirable:


(i) to protect the rights or interests of any person affected by the conduct; or

(ii) to ensure, as far as possible, that a proposed modification or share issue proceeds in the manner in which it would have proceeded if the conduct had not been engaged in


(d) without limiting the generality of paragraph (c):


(i) an order prohibiting the exercise of voting or other rights attached to specified shares; or

(ii) an order directing a company not to make payment, or to defer making payment, of any amount or amounts due from the company in respect of specified shares; or

(iii) an order prohibiting the acquisition or disposal of, or of an interest in, specified shares; or

(iv) an order directing the disposal of, or of an interest in, specified shares; or

(v) an order directing a company not to register a transfer or transmission of specified shares; or

(vi) an order that an exercise of the voting or other rights attached to specified shares be disregarded; or

(vii) an order directing a company not to issue shares to a person who holds shares in the company, being shares that were proposed to be issued to the person because the person holds shares in the company or pursuant to an offer or invitation made or issued to the person because the person holds shares in the company.

35(2)  

Without limiting the Court's powers under Part 9.5, if, in a proceeding, the Court is satisfied that:


(a) a person has engaged in conduct constituting a contravention of subclause 34(1); and


(b) a member of the company has suffered, or is likely to suffer, loss or damage because of that conduct;

the Court may make the orders that it thinks are appropriate to compensate the member (in whole or in part) or to prevent or reduce the loss or damage, including:


(c) an order directing the person or a person who was involved in the contravention to refund money or return property to the member


(d) an order directing the person or a person who was involved in the contravention to pay to the member the amount of the loss or damage


(e) an order listed in paragraph (1)(d).

35(3)  

An application for an order under this clause may be made by ASIC or a member of the company.

 



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