sec.261BPerson not to profit from a transaction ending or lessening a prohibited person’s interest in Gocorp

sec.261B Person not to profit from a transaction ending or lessening a prohibited person’s interest in Gocorp

This section applies if— before the due day as defined under section 261A , a person (the first person ) disposes of an interest; and because of the disposal, a prohibited person— no longer has a beneficial interest in Gocorp; or has less of a beneficial interest in Gocorp than the prohibited person had before the disposal; and the consideration received for the interest disposed of is more than the consideration given by the first person in acquiring the interest. A disqualified person has shares in ABC Pty Ltd, which has shares in Gocorp. Before the due day, the person sells all or some of the person’s shares in ABC Pty Ltd for more than the person originally paid for them. A disqualified person has shares in ABC Pty Ltd, which has shares in Gocorp. Before the due day, ABC Pty Ltd sells all or some of its shares in Gocorp for more than ABC Pty Ltd originally paid for them. The amount of the difference between the consideration received for the interest disposed of and the consideration given by the first person in acquiring the interest is forfeited from the first person to the State. If the consideration received or given consists wholly or partly of something other than money, a reference in subsection (1) or (2) to the consideration is a reference to the monetary value of the consideration. If the first person is a corporation, the first person and its directors are jointly and severally liable for an amount forfeited to the State under subsection (2) . The chief executive may, by written notice given to a person, require the person to give the chief executive, within the reasonable time stated in the notice (but not less than 14 days), information or a document that is necessary and reasonable to help the chief executive decide what amount, if any, is forfeited to the State under subsection (2) . A person must comply with a requirement made under subsection (5) . Maximum penalty—200 penalty units. The chief executive may recover an amount forfeited under subsection (2) as a debt payable to the State. This section applies to a disposal mentioned in subsection (1) — whether the disposal happened before or after the commencement of this section; and whether the consideration was received before or after the commencement of this section or will be received at any future time. This section has effect despite anything in the Corporations Act . In this section— Gocorp means GOCORP Limited (ACN 083 201 923). prohibited person means Navari Pty Ltd (ACN 063 913 020), Topki Holdings Pty Ltd (ACN 003 726 841) or a disqualified person. s 261B ins 1999 No. 37 s 4 amd 2001 No. 45 s 29 sch 3 (sec.261B-ssec.1) This section applies if— before the due day as defined under section 261A , a person (the first person ) disposes of an interest; and because of the disposal, a prohibited person— no longer has a beneficial interest in Gocorp; or has less of a beneficial interest in Gocorp than the prohibited person had before the disposal; and the consideration received for the interest disposed of is more than the consideration given by the first person in acquiring the interest. A disqualified person has shares in ABC Pty Ltd, which has shares in Gocorp. Before the due day, the person sells all or some of the person’s shares in ABC Pty Ltd for more than the person originally paid for them. A disqualified person has shares in ABC Pty Ltd, which has shares in Gocorp. Before the due day, ABC Pty Ltd sells all or some of its shares in Gocorp for more than ABC Pty Ltd originally paid for them. (sec.261B-ssec.2) The amount of the difference between the consideration received for the interest disposed of and the consideration given by the first person in acquiring the interest is forfeited from the first person to the State. (sec.261B-ssec.3) If the consideration received or given consists wholly or partly of something other than money, a reference in subsection (1) or (2) to the consideration is a reference to the monetary value of the consideration. (sec.261B-ssec.4) If the first person is a corporation, the first person and its directors are jointly and severally liable for an amount forfeited to the State under subsection (2) . (sec.261B-ssec.5) The chief executive may, by written notice given to a person, require the person to give the chief executive, within the reasonable time stated in the notice (but not less than 14 days), information or a document that is necessary and reasonable to help the chief executive decide what amount, if any, is forfeited to the State under subsection (2) . (sec.261B-ssec.6) A person must comply with a requirement made under subsection (5) . Maximum penalty—200 penalty units. (sec.261B-ssec.7) The chief executive may recover an amount forfeited under subsection (2) as a debt payable to the State. (sec.261B-ssec.8) This section applies to a disposal mentioned in subsection (1) — whether the disposal happened before or after the commencement of this section; and whether the consideration was received before or after the commencement of this section or will be received at any future time. (sec.261B-ssec.9) This section has effect despite anything in the Corporations Act . (sec.261B-ssec.10) In this section— Gocorp means GOCORP Limited (ACN 083 201 923). prohibited person means Navari Pty Ltd (ACN 063 913 020), Topki Holdings Pty Ltd (ACN 003 726 841) or a disqualified person.