Corporations Act 2001
CHAPTER 2J
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TRANSACTIONS AFFECTING SHARE CAPITAL
PART 2J.1
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SHARE CAPITAL REDUCTIONS AND SHARE BUY-BACKS
Division 3
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Other share capital reductions
SECTION 258F
REDUCTIONS BECAUSE OF LOST CAPITAL
258F(1)
[
Capital lost or not represented by available assets]
(a) the company also cancels shares; or
(b) the cancellation of paid-up share capital is inconsistent with the requirements of any accounting standard.
A company may reduce its share capital by cancelling any paid-up share capital that is lost or is not represented by available assets.
258F(2)
[
Exceptions]
(a) the company also cancels shares; or
(b) the cancellation of paid-up share capital is inconsistent with the requirements of any accounting standard.
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