Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION  

Division 3A - Convertible notes  

SECTION 82Q   CLASSES OF SHARES  

82Q(1)   [Included rights]  

Shares in the capital of a company to which there are attached the same rights, including the following rights:


(a) rights in respect of voting;


(b) rights in respect of dividends;


(c) rights in respect of distribution of share capital in consequence of a reduction of share capital;


(d) rights in respect of distribution of the property of the company in the event of the winding up of the company;

constitute a class of shares for the purposes of this Division, and no other shares in the capital of the company constitute a class of shares for such purposes.

82Q(2)   [Shares allotted to noteholder]  

Notwithstanding anything contained in sub-section (1), a share in the capital of a company to be allotted upon the exercise of the option to convert given under the terms applicable to a convertible note shall not, for the purposes of this Division, be deemed to be a share of a different class from a share in the capital of the company already allotted by reason only that during the period of one year after the allotment of the first-mentioned share, any dividend payable in respect of the share will or may be less than any dividend payable in respect of the second-mentioned share.


View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.