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Corporations Bill 2001

Part 6A.5 Records of unclaimed consideration

   

668A   Company’s power to deal with unclaimed consideration for compulsory acquisition

Records of unclaimed compulsory acquisition consideration

             (1)  If a company is paid consideration in respect of securities that are compulsorily acquired under Part 6A.1 or 6A.3, the company must maintain records of:

                     (a)  the consideration paid (including any benefit accruing from the consideration and any property substituted for the whole or any part of that consideration); and

                     (b)  the people who are entitled to that consideration; and

                     (c)  any transfers of the consideration to the people entitled to it.

             (2)  The company must keep the records at:

                     (a)  its registered office; or

                     (b)  its principal place of business in this jurisdiction; or

                     (c)  another place in this jurisdiction approved by ASIC.

             (3)  A person may ask the company to let the person inspect all or any of the records kept by the company under this section. The company must let the person inspect the records:

                     (a)  if the company requires payment of an amount not exceeding the prescribed amount—within 7 days after the day on which the company receives that amount; or

                     (b)  in any other case—within 7 days after the day on which the request is made.

             (4)  By the end of February each year, the company must publish in the Gazette a copy of the records kept under subsection (1) as at the end of the previous December.

668B   Unclaimed consideration to be transferred to ASIC

             (1)  If the company has not transferred the unclaimed consideration to the person entitled to it within 12 months after the publication of a copy of the records in the Gazette , the company must transfer the consideration to ASIC within 1 month after the end of that 12 month period.

             (2)  The company is then discharged from liability to any person in respect of the consideration.

             (3)  ASIC must deal with the consideration under Part 9.7.

             (4)  Except as provided by subsection (2), this Part does not deprive a person of any right or remedy to which the person is entitled against a liquidator or company.