Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p155
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 155/212)
Character Range: 407406–410176

a person be indemnified against any loss or damage that the person may so suffer.

"(5) The Court may, in order to secure compliance with any other order made under this section, make an order directing a person to do or refrain from doing a specified act.

"(6) The Court may only make an order under this section on the application of the Commission, the company or a member or creditor of the company.

"(7) The power of a court under section 1318 to relieve a person to whom that section applies, wholly or partly and on such terms as the court thinks fit, from a liability referred to in that section extends to relieving a person against whom an order may be made under subsection (4) of this section from the liability to have such an order made against the person.

SCHEDULE 5—continued

"(8) Section 744 applies in relation to an order under this section in the same way as it applies in relation to an order under section 736.

"(9) Nothing in this section limits the generality of anything else in it.

Effect of Division

"206aah. Nothing in this Division limits the generality, or affects the operation, of:

  (a) section 205 or 206; or

  (b) a provision of Chapter 6.

"Division 4b—Permitted Buy-backs of Shares

"Subdivision A—How this Division Works

Outline of structure

"206aa. (1) Subdivision C creates exceptions to the section 205 prohibition on a company acquiring its own shares or interests in its own shares.

"(2) These permitted acquisitions of ordinary shares are called 'buy-backs', a term defined in Subdivision B along with most of the Division's other terminology.

  "(3) Buy-backs are permitted subject to:

     (a) a condition prescribed by Subdivision D, which applies to all buy-backs of shares; and

     (b) conditions prescribed by Subdivisions E, G, H, J, L, M and N, each condition applying to a specified kind of buy-back.

"(4) Subdivision F prescribes no conditions, but sets out what a buy-back scheme is and contains rules about such schemes. Buy-back schemes are central to many provisions of the Division.

  "(5) Each of the Subdivisions prescribing conditions contains:

     (a) at least one condition, usually only at the beginning of the Subdivision, but in the case of Subdivision L also at the end; and

     (b) ancillary provisions about the subject matter of the condition or conditions.

"(6) The ancillary provisions relating to some of the conditions in Subdivision J are in Subdivision K.

"(7) The other Subdivisions contain further ancillary provisions and rules about the consequences of buy-backs and about the effect of certain events on buy-backs.

SCHEDULE 5—continued

"Subdivision B—Interpretation

Effect of Subdivision

"206ba. This Subdivision has effect for the purposes of this Division,