Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A bearer of a bearer share in a company registered under this Part may surrender the share to the company. The company must:
(a) cancel the share; and
(b) include the bearer's name in the company's register of members.
(1A) An offence based on subsection (1) is an offence of strict liability.
Note: For strict liability , see section 6.1 of the Criminal Code .
(2) The company is liable to compensate anyone who suffers a loss because the company includes the bearer's name in the company's register of members despite the fact that:
(a) the share was not surrendered to the company; or
(b) the company failed to cancel the share.
(3) Subject to this section, the constitution of a company registered under this Part may provide that the bearer of a bearer share in the company is taken to be a member of the company for all purposes or for specified purposes.
Note: A body must not issue bearer shares after it is registered as a company under this Part (see paragraph 254F(a)).