Commonwealth Consolidated Acts

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Directly acquiring own shares

                   A company must not acquire shares (or units of shares) in itself except:

                     (a)  in buying back shares under section 257A; or

                     (b)  in acquiring an interest (other than a legal interest) in fully-paid shares in the company if no consideration is given for the acquisition by the company or an entity it controls; or

                     (c)  under a court order; or

                     (d)  in circumstances covered by subsection 259B(2) or (3).

Note:          For the criminal liability of a person dishonestly involved in a contravention of this section, see subsection 259F(3). Section 79 defines involved .

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