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CORPORATIONS ACT 2001 - SECT 601BP

Bearer shares

             (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)).



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