Form 397 Notification of Directors' Resolution Under S324dac - Australia

Form 397 Notification of Directors' Resolution Under S324DAC in Australia is used to notify the Australian Securities and Investments Commission (ASIC) about a resolution passed by the directors of a company. This form is specifically required when the resolution relates to granting or extending a financial benefit to a related party of the company. It ensures transparency and compliance with the law by providing important information to ASIC regarding such resolutions.

The Form 397 Notification of Directors' Resolution Under S324dac in Australia is filed by the company directors or their authorized representatives.

FAQ

Q: What is Form 397?
A: Form 397 is a notification of directors' resolution under Section 324DAC of the Australian Corporations Act 2001.

Q: What is the purpose of Form 397?
A: The purpose of Form 397 is to notify the Australian Securities and Investments Commission (ASIC) of a resolution passed by the directors of a company in relation to financial assistance provided to acquire shares in the company or a related body corporate.

Q: Who is required to submit Form 397?
A: Companies registered in Australia that pass a resolution for financial assistance are required to submit Form 397 to ASIC.

Q: When should Form 397 be submitted?
A: Form 397 must be submitted to ASIC within 14 days after the resolution is passed by the directors.

Q: What information is required to be provided in Form 397?
A: Form 397 requires the company to provide details such as the nature of the financial assistance, the terms and conditions of the assistance, and the names of the directors who passed the resolution.

Q: Are there any penalties for failing to submit Form 397?
A: Yes, there are penalties for failing to submit Form 397 or providing false or misleading information. The company and the directors could be held liable for these penalties.