Corporations Act 2001
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.254H(2) [ Conversion]
(a) the day the resolution is passed; or
(b) a later date specified in the resolution. 254H(3) [ Unpaid amount]
Any amount unpaid on shares being converted is to be divided equally among the replacement shares.254H(4) [ Lodgment with ASIC]
The company must lodge a copy of the resolution with ASIC within 1 month after it is passed.254H(5) [ Strict liability offence]
An offence based on subsection (4) is an offence of strict liability.
Note: For strict liability , see section 6.1 of the Criminal Code .
[ CCH Note: The next section is s 254J.]