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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 553AA
Selling shareholder cannot prove debt unless documents
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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