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s260A Financial Assistance by a Company for Acquiring Shares

Failing to Comply with Section 260A – Have you been charged with Financial Assistance by a Company for Acquiring Shares in the Company or a Holding Company?

If so, you will require the services of a law firm that specialises in criminal law.

Some issues you will need to discuss with your lawyer include: Did your company financially assist a person to acquire shares in either the company or a holding company?

If so, did the acquisition materially prejudice the interests of the company or its shareholders? Did it influence the company’s ability to pay its creditors? Was the assistance approved by the shareholders? Did it need to be, or was it exempt?

It is possible that defences are available to you? Ensure you seek appropriate advice from an expert criminal lawyer before proceeding further, as the maximum penalty is severe.

Please read below for more information in relation to this charge.

The offence

Section 260A of the Corporations Act 2001.

The prosecution must prove:

  1. A company provided financial assistance to a person to acquire shares in a company; and

  1. The acquisition:

    1. Materially prejudiced the interests of the corporation

    2. Materially prejudiced the company’s ability to pay its creditors; or

    3. The assistance was not approved by the shareholders.

The maximum penalty

A fine of $200,000 or disqualification from managing a corporation.

Where will my case be heard?

Financial Assistance by a Company for Acquiring Shares in the Company or a Holding Company cases can only be heard in the County Court of Victoria.

Questions to consider

Do you have a defence?

If you are pleading guilty, what can you do to minimise your sentence?

What to do next?

See an experienced criminal lawyer immediately. Preparation in relation to any matter is critical. Don’t leave it to the last minute.

If you have been charged with Financial Assistance by a Company for Acquiring Shares in the Company or a Holding Company make an appointment to see one of our experienced lawyers today.

The legislation

Section 260A  Financial assistance by a company for acquiring shares in the company or a holding company

(1) A company may financially assist a person to acquire shares (or units of shares) in the company or a holding company of the company only if:

(a) giving the assistance does not materially prejudice:

(i) the interests of the company or its shareholders; or

(ii) the company’s ability to pay its creditors; or

(b) the assistance is approved by shareholders under section 260B (that section also requires advance notice to ASIC); or

(c) the assistance is exempted under section 260C.

(2) Without limiting subsection (1), financial assistance may:

(a) be given before or after the acquisition of shares (or units of shares); and

(b) take the form of paying a dividend.

(3) Subsection (1) extends to the acquisition of shares (or units of shares) by:

(a) issue; or

(b) transfer; or

(c) any other means.

White Collar Crime Charges

Corporations Act 1984

s184 Good Faith, Use of Position and Use of Information

s260A Financial Assistance by a Company for Acquiring Shares

s596 Frauds by Officers

Tax Administration Act 1997

s50 Requirement to Keep Proper Records

s51 Additional Records for Taxation

s52 Inclusion of False or Misleading Information in Records

s53 Accessibility of Records for Tax Department

s54 Form of Record

s57 Giving False or Misleading Information to Tax Officers

s58 Deliberately Omitting Information

s60 Falsifying or Concealing Identity

s61 Tax Evasion

Crimes Act 1958

s249 Contaminating Goods Causing Public Alarm or Economic Loss

s254 Destruction of Evidence

s255 Corporate Criminal Responsibility for Offence Against Section 254

s83 False Accounting

s83A Falsification of Documents

s86 Suppression of Documents

Repealed Legislation

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Melbourne – 03 8644 7320
13/200 Queen St
Melbourne Vic 3000

Frankston – 03 8644 7322
8/395-399 Nepean Hwy
Frankston VIC, 3199

Ballarat – 03 8644 7310
Eureka House
11 Lydiard Street South
Ballarat VIC, 3350

Ringwood – 03 8644 7325
7/2 Nelson St
Ringwood VIC 3134

Dandenong – 03 8644 7315
1a/147 Foster St
Dandenong, VIC, 3175

Moorabbin – 03 8644 7328
Level 1, 441 South Rd
Moorabbin, Vic, 3189

Geelong – 03 8644 7300
2/13 Fenwick Street
Geelong Vic 3220

Broadmeadows – (03) 9116 9500
StartNorth at Townhall
12 Dimboola Rd
Broadmeadows VIC 3047

Werribee – 03 9116 9595
9/7 Bridge Street
Werribee VIC 3030

© 2023 Dribbin & Brown

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