Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]


Notice to ASIC of share cancellation

  (1)   Within 1 month after shares are cancelled, the company must lodge with ASIC a notice in the prescribed form that sets out:

  (a)   the number of shares cancelled; and

  (b)   any amount paid by the company (in cash or otherwise) on the cancellation of the shares; and

  (c)   if the shares are cancelled following a share buy - back--the amount paid by the company (in cash or otherwise) on the buy - back; and

  (d)   if the company has different classes of shares--the class to which each cancelled share belonged; and

  (e)   if the company is a proprietary company that has made one or more CSF offers--whether the cancellation has resulted in the company ceasing to have any CSF shareholders.

Note:   Provisions under which shares are cancelled include section   254J (redeemable preference shares), section   256B (capital reductions), subsection   257H(3) (shares a company has bought back), section   258D (forfeited shares), and subsections   258E(2) and (3) (shares returned to a company).

  (2)   An offence based on subsection   (1) is an offence of strict liability.

Note:   For strict liability , see section   6.1 of the Criminal Code .

Note:   This Chapter is modified for CCIVs: see Division   2 of Part   8B.4.


AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback