Check the 90 per cent test for a general compulsory acquisition
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- Record the lawyer's figures for full beneficial interests in the class, held alone or with a related body corporate, by number. If the securities are shares or convertible into shares, separately record the lawyer's voting-power figure and the lawyer's figure for full beneficial interests by value in all shares and convertibles. Record whether objectors between them hold less than 10 per cent by value of the remaining securities at the end of the objection period the lawyer marks, and whether the lawyer says approval is being sought. Record whether the shares give a right to occupy or use real property the company owns or leases. Do not calculate the percentages and do not draft the notice.
- What the lawyer must review
- The lawyer decides whether the person is a 90 per cent holder, whether the value condition is supported, and whether the power is available. Sections 664C, 664D, 664F and 667A were not opened.
- Written for / version
- US
Open a jurisdiction version of this task to see which instruments apply: US
Who does what
| Role | What they do |
|---|---|
| Assistance | Record the lawyer's figures for full beneficial interests in the class, held alone or with a related body corporate, by number. If the securities are shares or convertible into shares, separately record the lawyer's voting-power figure and the lawyer's figure for full beneficial interests by value in all shares and convertibles. Record whether objectors between them hold less than 10 per cent by value of the remaining securities at the end of the objection period the lawyer marks, and whether the lawyer says approval is being sought. Record whether the shares give a right to occupy or use real property the company owns or leases. Do not calculate the percentages and do not draft the notice. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- A person is a 90 per cent holder of a class if they hold, alone or with a related body corporate, full beneficial interests in at least 90 per cent by number of the securities in that class.
- They are also a 90 per cent holder of a class of shares, or of securities convertible into shares, if their voting power is at least 90 per cent and they hold, alone or with a related body corporate, full beneficial interests in at least 90 per cent by value of all the company's securities that are shares or convertible into shares. The note says subsection 667A(2) requires the expert's report with the notice to support the value condition. Section 667A was not opened. Do not calculate value.
- The holder may compulsorily acquire the securities in the class in which neither they nor any related body corporate has full beneficial interests if objectors between them hold less than 10 per cent by value of those remaining securities at the end of the objection period set out in the notice, or the court approves the acquisition under section 664F. Sections 664C and 664F were not opened.
- If the voting-power and value test is the one that applies, the holder may acquire a class only if they give compulsory acquisition notices for every class of shares and convertibles they do not already fully beneficially own.
- The section has effect despite the constitution. This Part does not apply to shares that give the shareholder a right to occupy or use real property the company owns or holds under lease, whether that right is a lease, a licence or a contract.
- The power under a section 664C notice ends if the holder contravenes section 664D by offering benefits outside the terms proposed in the notice. Section 664D was not opened. This is not the post-bid compulsory acquisition in section 661A.
Sources
These are suggested working checks. Confirm the required checking with the responsible lawyer before work starts; the checking approach does not establish permission to use AI.