CORPORATIONS ACT 2001

CHAPTER 2H - SHARES  

PART 2H.6 - NOTICE REQUIREMENTS  

SECTION 254Y   NOTICE TO ASIC OF SHARE CANCELLATION  

254Y(1)   [ Notice requirements]  

Within 1 month after shares are cancelled, the company must lodge with ASIC a notice in the prescribed form that sets out:


(a) the number of shares cancelled; and


(b) any amount paid by the company (in cash or otherwise) on the cancellation of the shares; and


(c) if the shares are cancelled following a share buy-back - the amount paid by the company (in cash or otherwise) on the buy-back; and


(d) if the company has different classes of shares - the class to which each cancelled share belonged; and


(e) if the company is a proprietary company that has made one or more CSF offers - whether the cancellation has resulted in the company ceasing to have any CSF shareholders.

Note: Provisions under which shares are cancelled include section 254J (redeemable preference shares), section 256B (capital reductions), subsection 257H(3) (shares a company has bought back), section 258D (forfeited shares), and subsections 258E(2) and (3) (shares returned to a company).

254Y(2)   [ Strict liability offence]  

An offence based on subsection (1) is an offence of strict liability.

Note: For strict liability , see section 6.1 of the Criminal Code .


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