ASIC may direct a proprietary company to change to a public company in certain circumstances
165 ASIC may direct a proprietary company to change to a public company in certain circumstances
ASIC may direct a proprietary company in writing to change to a public company within 2 months if it is satisfied that the company has contravened section 113 (requirements for proprietary companies).
The company must comply with the direction within 2 months after being given it by doing everything necessary to change to a public company under section 164.
An offence based on subsection (2) is an offence of strict liability.
For strict liability, see section 6.1 of the Criminal Code.
If a proprietary company does not comply with subsection (2), ASIC may change the company from a proprietary to a public company by altering the details of the company’s registration to reflect the company’s new type.
A change of type under this section takes effect when ASIC alters the details of the company’s registration.
ASIC must give the company a new certificate of registration after it alters the details of the company’s registration under subsection (3). The company’s name is the name specified in the certificate of registration issued under this section.
For the evidentiary value of a certificate of registration, see subsection 1274(7A).
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