Document ID: chunk:federal_register_of_legislation:C2025C00185:section:648g:p2
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 648G (pt 2/2)
Character Range: 2555452–2557677

disadvantages, of the provisions proposed to be renewed for:
 (i) the directors; and
 (ii) the company's members;
  during the period during which the provisions have been in effect; and
 (g) discusses both the potential advantages, and the potential disadvantages, of the proposed provisions, or of the provisions proposed to be renewed, for:
 (i) the directors; and
 (ii) the company's members.
 (6) If, on a particular day, a company purports to:
 (a) alter its constitution by inserting proportional takeover approval provisions; or
 (b) renew its proportional takeover approval provisions;
then:
 (c) holders who together hold not less than 10% (by number) of the issued securities in a class of securities in the company to which the provisions apply may, within 21 days after that day, apply to the Court to have the purported alteration or renewal set aside to the extent to which it relates to that class; and
 (d) unless and until an application made under paragraph (c) is finally determined by the making of an order setting aside the purported alteration or renewal to that extent, the company is taken for all purposes (other than the purposes of an application of that kind):
 (i) to have validly altered its constitution by inserting the provisions referred to in paragraph (a) applying to that class; or
 (ii) to have validly renewed the provisions referred to in paragraph (b) applying to that class.
 (7) An application under paragraph (6)(c) may be made, on behalf of the holders entitled to make the application, by a holder or holders appointed by them in writing.
 (8) On an application under paragraph (6)(c), the Court may make an order setting aside the purported alteration or renewal to the extent to which it applies to that class if it is satisfied that it is appropriate in all the circumstances to do so. Otherwise the Court must dismiss the application.
 (9) Within 14 days after the day on which the Court makes an order of the kind referred to in subsection (8) in relation to a company, the company must lodge a copy of the order with ASIC.
 (10) An offence based on subsection (5) or (9) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.