Commonwealth legislation

ASIC Class Order [CO 00/0237]

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

4/10 complexity

This 2000 transitional rule let companies ignore certain pre‑existing share offers when counting the “20 offers in 12 months” limit under the new Corporations Act, so past fundraising under the old law wouldn’t reduce their ability to use the small‑scale offering exemption. It affected companies relying on section 708 to raise capital without a prospectus, giving them a clean slate during the legal transition.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 00/0237].

ASIC Class Order [CO 00/0237]

Australian Securities and Investments Commission

Corporations Law — Subsection 741(1) — Exemption

Under subsection 741(1) of the Corporations Law (Law), the Australian Securities and Investments Commission hereby declares that subsection 708(5) of the Law applies to all persons as if Division 12 of Part 11.2 of the Law were modified or varied by adding the following section after section 1475:

“1475A Fundraising - small scale offerings (20 issues in 12 months)

Subsection 708(5) of the new Law applies as if issues and sales that result from offers of the following kind are also disregarded:

(a) offers made before commencement that both:

(i) did not need a prospectus or a notice under section 1043C or 1043D; and

(ii) would not need disclosure under Chapter 6D had they been made after commencement;

(b) offers made before commencement that were not received in Australia; and

(c) offers made before or after commencement under a prospectus or a notice under section 1043C or 1043D lodged with ASIC before commencement.”.

Dated this 11th day of March 2000

Signed by Brendan Byrne
as a delegate of the Australian Securities and Investments Commission

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 ASIC Class Order [CO 00/0237]