Document ID: chunk:federal_register_of_legislation:F2016L00328:body:0:p2
Version: federal_register_of_legislation:F2016L00328
Segment Type: other
Provision Reference: 
Character Range: 2830–5918

to in paragraph (a)  has been satisfied, a person who has agreed to take securities as underwriter is taken to have applied for those securities";
(e) after subsection 724(3) insert:
            "Minimum subscription condition not met
            (3A) If a person offer securities under a disclosure document and:
                (a) the disclosure document states that the securities will not be issued or transferred unless:
                   (i) applications for a minimum number of the securities are received; or
                   (ii) a minimum amount raised; and
                (b) the condition is not satisfied within 4 months (the minimum subscription period) after the date of the disclosure document;
            the person must deal with any applications for the securities made under the disclosure document that have not resulted in an issue or transfer of the securities by, as soon as practicable after the end of the minimum subscription period, repaying the money received by the person from the applicants.

            For the purpose of working out whether a condition referred to in paragraph (a) has been satisfied, a person who has agreed to take securities as underwriter is taken to have applied for those securities.
            (3B) An offence based on subsection (3A) is an offence of strict liability.
                Note:  For strict liability, see section 6.1 of the Criminal Code.
            Quotation admittance condition not met
            (3C) If a person offer securities under a disclosure document and:
                (a) the disclosure document states or implies that the securities are to be quoted on a financial market (whether in Australia or elsewhere); and
                (b) the securities are not admitted to quotation within 3 months (the quotation admittance period) after the date of the disclosure document;
            the person must deal with any applications for the securities made under the disclosure document that have not resulted in an issue or transfer of the securities by, as soon as practicable after the end of the quotation admittance period, repaying the money received by the person from the applicants.
            (3D) An offence based on subsection (3C) is an offence of strict liability.
                Note:  For strict liability, see section 6.1 of the Criminal Code.
            Quotation application condition not met
            (3E) If a person offer securities under a disclosure document and:
                (a) the disclosure document states or implies that the securities are to be quoted on a financial market (whether in Australia or elsewhere); and
                (b) an application for the admission to quotation is not made within 7 days (the quotation application period) after the date of the disclosure document;
            the person must deal with any applications for the securities made under the disclosure document that have not resulted in an issue or transfer of the securities by:
                (c) as soon as practicable after the end of the quotation application period,