Federal Register of Legislation - Australian Government

Primary content

0077 Other as made
This instrument addresses discrete minor and technical issues arising in relation to the operation of a certain procedural element of Chapter 6D of the Corporations Act 2001 in circumstances where a particular form of offer is made: a pro-rata bonus issue of options to existing members of a company for nil consideration. This instrument provides relief from the application form and advertising requirements set out in Chapter 6D in relation to offers of securities
Administered by: Treasury
Registered 16 Mar 2016
Tabling HistoryDate
Tabled HR17-Mar-2016
Tabled Senate18-Apr-2016
Date of repeal 23 Mar 2017
Repealed by ASIC Corporations (Repeal) Instrument 2017/240
Table of contents.

Commonwealth Coat of Arms and ASIC logo

ASIC Corporations (Options: Bonus Issues) Instrument 2016/77

I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

                                                                                                               

Date                9 March 2016

 

 

Grant Moodie

 



Part 1—Preliminary

1        Name of legislative instrument

This instrument is ASIC Corporations (Options: Bonus Issues) Instrument 2016/77.

2        Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note:    The register may be accessed at www.legislation.gov.au.

3        Authority

This instrument is made under section 741 of the Corporations Act 2001.

4        Definitions

In this instrument:

Act means the Corporations Act 2001.

options, in relation to a body, means options to acquire, by way of issue, shares of the body.

pro-rata bonus offer, in relation to options of a body, means an offer of options to all holders of shares in a class of shares to which the options relate in proportion to their existing shareholdings on terms that no consideration is payable for the issue of the options.


Part 2—Exemptions

5        Bonus issues of options  

Application forms

(1)     A body does not have to comply with subsection 723(1) of the Act in relation to a pro-rata bonus offer of options of the body to the extent that subsection only permits an issue of the options in response to an application form included in or accompanied by a disclosure document.

Note:  Subsection 727(2) of the Act prohibits a person from making an offer of options that needs disclosure to investors under Part 6D.2 of the Act unless the offer is included in or accompanied by a copy of a disclosure document for the offer.   

Advertising

(2)     A body does not have to comply with subsection 734(2) of the Act in relation to an advertisement or publication of a statement about a pro-rata bonus offer of options of the body provided the advertisement or publication:

(a)     where the advertisement or publication is published before the disclosure document for the offer of the options is lodged—includes a statement that a disclosure document for the offer of the options will be made available when the options are offered;

(b)     where the advertisement or publication is published after the disclosure document for the offer of the options is lodged—includes a statement that the offers of the options will be made in, or accompanied by, a copy of the disclosure document.