(1) A company may convert all or any of its shares into a larger or smaller number of shares by resolution passed at a general meeting.

Note: The variation of class rights provisions (sections 246B-246G) may apply to the conversion.

(2) The conversion takes effect on:

(a)

the day the resolution is passed; or

(b)

a later date specified in the resolution.

(3) Any amount unpaid on shares being converted is to be divided equally among the replacement shares. (4) The company must lodge a copy of the resolution with ASIC within 1 month after it is passed.