Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p180
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 180/212)
Character Range: 469113–471822

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 made or when the agreement is entered into.

  "(2) The next condition is that:

  (a) each such application of which notice was so served; and

     (b) each appeal (if any) arising out of such an application of which notice was so served;

was determined or otherwise disposed of before the time referred to in subsection (1).

"(3) The period beginning on the day when the first notice of such an application was so served and ending on the day when the last such application or appeal was determined or otherwise disposed of shall be disregarded in determining, for the purposes of subsection 206la (2) and paragraph 206la (3) (b), how long before a particular day:

     (a) a notice relating to the offers or agreement was published in accordance with section 206lc; and

     (b) a solvency declaration by the company's directors that relates to the offers or agreement was made.

SCHEDULE 5—continued

Company to comply with order of Court

  "206lg. (1) The next condition is that:

     (a) if the buy-back results from the acceptance of an offer made under a buy-back scheme—the making of the offer; or

     (b) otherwise—the entering into of the agreement constituting the buy-back;

did not contravene an order in force under section 206le.

"(2) Nothing in this section affects the powers of the Court in relation to punishment of contempts of the Court.

"Subdivision M—Solvency Requirements

Solvency requirements for buy-back scheme

"206ma. If the buy-back is made under a buy-back scheme, the next condition is that, when the first offer was made under the buy-back scheme:

     (a) there was in force a solvency declaration by the company's directors that relates to the buy-back scheme and was made within 2 months before the day on which that first offer was made; and

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

Solvency requirements for other buy-backs

"206mb. If the buy-back is not made under a buy-back scheme, the next condition is that, as at the time of the buy-back:

     (a) there is in force a solvency declaration by the company's directors that relates to, and was made within 2 months before the day of, the buy-back; and

     (b) unless the company is a proprietary company and the buy-back does not exceed the 10% in 12 months limit—the company's auditor has sent to the company