Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p182
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 182/212)
Character Range: 474069–476816

to provide under an agreement constituting a buy-back made by it under a buy-back scheme unless, when it first provides consideration that it is to provide under an agreement constituting a buy-back made under the buy-back scheme:

     (a) the offer period of the offers made under the scheme has ended; and

SCHEDULE 5—continued

     (b) a solvency declaration by the company's directors that relates to the buy-back scheme is in force; and

     (c) unless the company is a proprietary company and the first-mentioned buy-back does not exceed the 10% in 12 months limit—the company's auditor has sent to the company an auditor's report on the declaration.

Company not to register certain transfers during solvency period

"206mf. Where an offer made by a company under a buy-back scheme is accepted, the company must not, during the solvency period of the offer, register a transfer to the company of shares, being a transfer pursuant to an agreement resulting from the acceptance.

"Subdivision N—Share Buy-backs and other Securities Issues

Buy-back consideration not to consist of other securities of the company

"206na. The next condition is that the consideration that has been or is to be provided for the buy-back does not consist, or include an alternative consideration that consists, wholly or partly of securities of the company.

No buy-backs during rights issue or placement

  "206nb. The next condition is that:

     (a) if the buy-back is made under a buy-back scheme—the first offer made under the scheme was not made; or

     (b) otherwise—the agreement constituting the buy-back is not entered into;

during, or within 3 months after the last day of:

     (c) a period during which a rights offer or invitation by the company remains open; or

     (d) without limiting the generality of paragraph (e), a period during which there remains open:

         (i) a share offer by the company that will, if accepted, result in a placement of shares in the company; or

         (ii) a share invitation by the company that is issued to a person and will, if the person subscribes for or buys shares in the company as a result of an application or offer made by the person in response to the invitation, result in a placement of such shares; or

  (e) a period:

         (i) beginning on a day when the company, or a person acting on its behalf, starts to negotiate with a view to placing shares in the company; and

SCHEDULE 5—continued

         (ii) ending on the day when the shares are placed or the negotiations stop for some other reason.

No rights issue or placement during offer period or within 3 months after buy-back

  "206nc. (1) A company shall not:

     (a) during, or within 3 months after the last day