Commonwealth Consolidated Acts

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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.


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