Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 553AA

Selling shareholder cannot prove debt unless documents given

    The selling shareholder in a share buy - back may claim in a winding up of the company but is not entitled to a distribution of money or property unless the shareholder has discharged the shareholder's obligations to give documents in connection with the buy - back.

Note:   The selling shareholder's claim ranks after those of non - member creditors and before those of other member creditors (see section   563AA).


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