Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 1100R

Offers other than small scale offerings

  (1)   An offer for the issue, sale or transfer of ESS interests to ESS participants in connection with an employee share scheme of a body corporate or registered scheme is covered by this section if:

  (a)   the offer would not require disclosure to any investor under Part   6D.2 (if that Part otherwise applied to the offer) because of section   708 (apart from subsection   708(1) or (15)) or 708AA; or

  (b)   the offer would not require any person to be given a Product Disclosure Statement under Part   7.9 (if that Part otherwise applied to the offer) because of section   1012D (apart from subsection   1012D(5) or (6)), 1012DAA or 1012DA.

Note:   This subsection puts beyond doubt that the no consideration exemptions from disclosure in subsections   708(15) and 1012D(5) and (6) cannot be used to exempt an offer of ESS interests from disclosure under Part   6D.2 or 7.9.

Small scale offerings

  (2)   An offer for the issue, sale or transfer of ESS interests to ESS participants in connection with an employee share scheme of a body corporate or registered scheme is covered by this section if:

  (a)   either:

  (i)   the offer would not require disclosure to any investor under Part   6D.2 (if that Part otherwise applied to the offer) because of subsection   708(1); or

  (ii)   the offer would not require any person to be given a Product Disclosure Statement under Part   7.9 (if that Part otherwise applied to the offer) because of subsection   1012E(2); and

  (b)   any trust that may issue or transfer ESS interests under the scheme meets the requirements in section   1100S; and

  (c)   any plan under which an ESS participant may acquire ESS interests by making regular payments, or having regular deductions made from the participant's salary or wages, is an ESS contribution plan for the offer (see section   1100T); and

  (d)   any loan offered by the body corporate or relevant responsible entity, or an associated entity of the body corporate or responsible entity, in connection with the scheme complies with section   1100U.