{"id":"F2007B00406","name":"ASIC Class Order [CO 03/633]","slug":"asic-class-order-co-03-633","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":62237,"registerId":"commonwealth-F2007B00406-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Class Order [CO 03/633]","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\nmeta-generator: Aspose.Words for .NET 20.2\ntitle: \"CLASS ORDER 6: Notice of variation 23 July 03\"\n---\n\n?xml version=\"1.0\" encoding=\"utf-8\" standalone=\"no\"?>\n\nAustralian Securities and Investments Commission  Corporations Act 2001 – Paragraph 655A(1)(a) – Exemption\n\n \n\nUnder paragraph 655A(1)(a) of the Corporations Act 2001 (the “Act”) the Australian Securities and Investments Commission exempts a bidder from subsection 650D(3) of the Act where the notice of variation of offers under an off-market bid is approved by:\n\n \n\n1. for a bidder that is a body corporate:\n\n \n\n(a) if the consideration offered under the bid is a cash sum only — a resolution passed by the directors of the bidder; or\n\n \n\n(b) otherwise — a unanimous resolution passed by all the directors of the bidder; or\n\n \n\n2. for a bidder who is an individual — the bidder.\n\n \n\nDated this 22nd day of September 2003\n\n \n\n \n\n \n\n \n\nSigned by Stephen Yen, PSM\n\nAustralian Securities and Investments Commission\n\n \n","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":1168},"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The order remains a targeted procedural exemption for off-market bid variations as originally intended, with no expansion beyond the specific relief granted for director approval requirements."},"complexity_factors":["Single exemption provision with straightforward conditions","Only two distinct approval pathways (corporate vs individual bidder)","Minimal cross-referencing limited to the enabling provision (s 655A(1)(a)) and the exempted provision (s 650D(3))","No defined terms or interpretive provisions"],"plain_english_summary":"This class-order exemption lets bidders vary takeover bid terms without calling a shareholder meeting by allowing board approval instead. For cash-only offers a board simple majority can approve changes; offers involving shares or other non-cash consideration require unanimous director approval; individual (non-company) bidders may decide themselves.\n\nIt speeds up routine bid adjustments by avoiding meeting costs and delays while retaining stronger director safeguards for complex, non-cash deals."}},"importantCases":[],"_links":{"self":"/api/acts/asic-class-order-co-03-633","history":"/api/acts/asic-class-order-co-03-633/history","analysis":"/api/acts/asic-class-order-co-03-633/analysis","conflicts":"/api/acts/asic-class-order-co-03-633/conflicts","importantCases":"/api/acts/asic-class-order-co-03-633/important-cases","documents":"/api/acts/asic-class-order-co-03-633/documents"}}