Section 665A — Corporations Act 2001 (Cth)

(1) A person is a 100% holder of securities in a class if the person, either alone or with a related body corporate, holds full beneficial interests in all the securities in the class.

(2) A 100% holder in relation to a class of securities (the main class) who becomes a 100% holder through compulsory acquisitions under this Part must offer to buy out the holders of securities in another class that are convertible into main class securities in accordance with sections 665B and 665C. This subsection does not apply to securities if a notice is given in relation to the securities under section 661B, 662B or 664C.

Note: For when securities are convertible into main class securities, see the definition of convertible securities in section 9.

(3) An offence based on subsection (2) is an offence of strict liability.

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

Related sections

• s 664E — Holder’s right to object to the acquisition
• s 664F — The Court’s power to approve acquisition
• s 664G — Signpost—completing the acquisition of the securities
• s 665B — 100% holder to tell holders of convertible securities of their right to be bought out
• s 665C — Right of holders of convertible securities to be bought out
• s 666A — Completing the acquisition of securities

Research how courts apply s 665A

BriefBridge searches Australian caselaw by meaning — every answer cited to the paragraph.