Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p179
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 179/212)
Character Range: 466702–469339

the case may be.

Newspapers in which advertisement to be published

"206lc. A notice relating to a proposed buy-back scheme or buy-back is published in accordance with this section if, and only if, a copy of the notice is published:

  (a) in a national newspaper; and

     (b) if a daily newspaper (other than a national newspaper) circulates generally in the jurisdiction in which the company has its registered office—in such a newspaper that so circulates; and

  (c) in each jurisdiction in which:

       (i) the company carries on business; and

         (ii) a daily newspaper (other than a national newspaper) circulates generally;

     in such a newspaper that circulates generally in that jurisdiction;

whether on the same day or on different days.

Creditor may apply to Court

"206ld. Where a copy of a notice relating to a proposed buy-back scheme or buy-back is published in a newspaper, a creditor of the company:

     (a) may apply to the Court at any time within the period of 21 days after the day, or the last of the days, on which a copy of the notice is published in a newspaper; and

     (b) may, with the leave of the Court, apply to the Court at any time after that period and before the first of the proposed offers is made, or the agreement constituting the proposed buy-back is entered into, as the case may be;

SCHEDULE 5—continued

for an order prohibiting the making of the offers or the entering into of the agreement.

How application to be dealt with

"206le. (1) On an application made in accordance with section 206ld, the Court must, if satisfied that:

  (a) the company is insolvent; or

     (b) the declaration specified in the notice referred to in that section is no longer in force; or

     (c) it is unlikely that the company will remain solvent as specified in that declaration;

by order prohibit the company, except on such conditions (if any) as the order specifies, from making the offers or entering into the agreement, as the case may be, but otherwise shall refuse the application.

"(2) On application by the company or a creditor of the company, the Court may by order vary or revoke an order in force under this section.

"(3) An order under this section does not take effect until a copy of it is served on the company.

Buy-backs not to proceed while application pending

"206lf. (1) This section applies if section 206la applies and notice of an application made in accordance with section 206ld in relation to the buy-back offers or the agreement constituting the buy-back, as the case may be, was served on the company before the time when the first of the offers was