Intersections and adaptations — Utilising corporate law principles to avoid Greenmail in developer-initiated multi-owned property terminations
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Author(s)
Pocock, Melissa
Griffith University Author(s)
Year published
2017
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Show full item recordAbstract
There has been marked growth in the multi-owned property industry in
recent decades. In addition, government policy is seeking to alleviate urban
sprawl, placing reliance on infill redevelopment. These factors reinforce the
importance of a system to efficiently terminate multi-owned properties
without diminishing owners’ rights to too great an extent.
Part 5.1 and chs 6 and 6A of the Corporations Act 2001 (Cth) (the
‘Corporations Act’) contain systems to effect a change of corporate control to
a sole shareholder, while safeguarding minority rights through the
prescription of procedural requirements including disclosure, ...
View more >There has been marked growth in the multi-owned property industry in recent decades. In addition, government policy is seeking to alleviate urban sprawl, placing reliance on infill redevelopment. These factors reinforce the importance of a system to efficiently terminate multi-owned properties without diminishing owners’ rights to too great an extent. Part 5.1 and chs 6 and 6A of the Corporations Act 2001 (Cth) (the ‘Corporations Act’) contain systems to effect a change of corporate control to a sole shareholder, while safeguarding minority rights through the prescription of procedural requirements including disclosure, facilitating objections via the review process, and setting an appropriate statutory threshold to effect changes in control. This article considers how the procedures and safeguards implemented in takeovers, compulsory acquisitions and schemes of arrangement under the Corporations Act may inform laws relating to the termination of multi-owned properties so as to overcome dissenting owners’ veto, while safeguarding those owners’ property rights.
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View more >There has been marked growth in the multi-owned property industry in recent decades. In addition, government policy is seeking to alleviate urban sprawl, placing reliance on infill redevelopment. These factors reinforce the importance of a system to efficiently terminate multi-owned properties without diminishing owners’ rights to too great an extent. Part 5.1 and chs 6 and 6A of the Corporations Act 2001 (Cth) (the ‘Corporations Act’) contain systems to effect a change of corporate control to a sole shareholder, while safeguarding minority rights through the prescription of procedural requirements including disclosure, facilitating objections via the review process, and setting an appropriate statutory threshold to effect changes in control. This article considers how the procedures and safeguards implemented in takeovers, compulsory acquisitions and schemes of arrangement under the Corporations Act may inform laws relating to the termination of multi-owned properties so as to overcome dissenting owners’ veto, while safeguarding those owners’ property rights.
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Journal Title
Australian Property Law Journal
Volume
26
Publisher URI
Subject
Law not elsewhere classified
Law