Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p190
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 190/212)
Character Range: 493839–496611

a company to a person under a buy-back scheme was accompanied by a copy of a compliance certificate

SCHEDULE 5—continued

relating to the buy-back scheme and a buy-back made under the buy-back scheme contravenes section 205, the company is to be taken to have contravened this subsection by sending the copy to the person.

"(3) A company that contravenes subsection (1) or (2) is not guilty of an offence but each officer of the company who is in default contravenes that subsection.

"(4) It is a defence to a prosecution for a contravention of subsection (2) if it is established that when the copy of the certificate was sent to the person the defendant believed on reasonable grounds that no buy-back made under the buy-back scheme would contravene section 205.

  Penalty: $2,500 or imprisonment for 6 months, or both.

Offences relating to compliance certificates: other buy-backs

  "206se. (1) Where:

     (a) a person signs, or gives to another person, a compliance certificate relating to a buy-back that a company proposes to make, at a particular time or within a particular period, otherwise than under a buy-back scheme; and

     (b) the buy-back is made before, at, or within a reasonable period after, that time or the end of the first-mentioned period and contravenes section 205;

the person is to be taken to have contravened this subsection by signing the certificate, or giving it to the other person, as the case may be.

"(2) It is a defence to a prosecution for a contravention of subsection (1) if it is established that the defendant, when signing the certificate or giving it to the other person, as the case requires, believed on reasonable grounds that the proposed buy-back would not, if made as mentioned in paragraph (1) (b), contravene section 205.

  Penalty: $2,500 or imprisonment for 6 months, or both.

Declaration by Court of substantial compliance

"206sf. Where, on application to the Court by a party to an agreement or proposed agreement constituting a buy-back, the Court is satisfied that a particular condition prescribed by this Division has been substantially satisfied in relation to the buy-back or proposed buy-back, the Court may by order declare that that condition has been satisfied in relation to the buy-back or proposed buy-back.

"Subdivision T—Notifying Commission and Securities Exchanges
about Buy-backs

Company to notify Commission of buy-backs

"206ta. (1) Within the notification period in relation to the last day of the offer period of an offer made by it under a buy-back scheme, a company must lodge with the Commission a written notice that specifies the buy-back scheme and sets out:

SCHEDULE 5—continued

     (a) the total number of shares in relation to which offers made under the buy-back