Document ID: chunk:federal_register_of_legislation:F2016L01946:body:0:p3
Version: federal_register_of_legislation:F2016L01946
Segment Type: other
Provision Reference: 
Character Range: 5158–7123

interests; and
(b) setting out the matters referred to in paragraph (5)(b).
           Each notice extends the period in which the responsible entity may continue to buy back interests in the scheme by 12 months provided it is given to ASX before the expiry of the period covered by the previous notice.

Buy-backs which would exceed the 10/12 limit
(8) If the responsible entity proposes to buy back an interest in the scheme which would exceed the 10/12 limit it must have:
(a) obtained, by resolution at a meeting of members of the scheme in the last 12 months, the approval of members of the terms of the proposed buy-back arrangement; and
(b) included with the notice of meeting a statement setting out all information known to the responsible entity that was material to the decision how to vote on the resolution other than information that it would be unreasonable to require the responsible entity to disclose because it had previously disclosed the information to the scheme's members.

              Interpretation
(9) The 10/12 limit for a responsible entity of a scheme proposing to make a buy-back is 10% of the smallest number, at any time during the last 12 months, of interests in the scheme.
(10) A proposed buy-back would exceed the 10/12 limit if the number of:
(a) interests in the scheme that have been bought back during the last 12 months; and
(b) interests that will be bought back if the proposed buy-back is made;
would exceed the 10/12 limit.

601KI Interaction with other provisions of this Chapter
           For the avoidance of doubt, subsection 601GA(4) and Part 5C.6 do not apply to a buy-back under this Part.".

6 Takeovers
 Chapter 6 of the Act applies to a responsible entity as if the table in section 611 were modified or varied by, after item 19, inserting:
                  "19A  An acquisition that results from the responsible entity of a registered scheme buying interests in the scheme in accordance with Part 5C.6A.".