Document ID: chunk:federal_register_of_legislation:C2004C01110:clause:4_29:p2
Version: federal_register_of_legislation:C2004C01110
Segment Type: clause
Provision Reference: sch 4 cl 29 (pt 2/2)
Character Range: 106414–107613

a proposed modification of the constitution of a company—an estimate of the financial benefits (if any) the member will be offered if the proposed modification occurs; and
 (c) a report by an expert that:
 (i) states whether, in the expert's opinion, the proposed modification or share issue is in the best interests of the members of the company as a whole; and
 (ii) gives the expert's reasons for forming that opinion; and
 (iii) complies with subclauses 33(2) and (3).

 (5) If the company contravenes subclause (1) or (2) it is not guilty of an offence.

 (6) A person contravenes this subclause if they are involved in a contravention of subclause (1) or (2).

Note 1: This subclause is a civil penalty provision.

Note 2: Section 79 defines involved.

 (7) A person commits an offence if they are involved in a contravention of subclause (1) or (2) and the involvement is dishonest.

Penalty: 2,000 penalty units or imprisonment for 5 years, or both.

 (8) In this clause:

reserves includes general reserves and retained earnings of the company.

unlisted company means a company (registered under clause 3) that does not have voting shares quoted on a stock market of a securities exchange.