Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A company may convert all or any of its shares into a larger or smaller number of shares by resolution passed at a general meeting.
Note 1: The variation of class rights provisions (sections 246B - 246G) may apply to the conversion.
Note 2: Section 1230C applies to a CCIV instead of this section.
(2) The conversion takes effect on:
(a) the day the resolution is passed; or
(b) a later date specified in the resolution.
(3) Any amount unpaid on shares being converted is to be divided equally among the replacement shares.
(4) The company must lodge a copy of the resolution with ASIC within 1 month after it is passed.
(5) An offence based on subsection (4) is an offence of strict liability.
Note: For strict liability , see section 6.1 of the Criminal Code .
Note: This Part does not apply to a CCIV: see section 1230D.