Corporations Act 2001

CHAPTER 2J - TRANSACTIONS AFFECTING SHARE CAPITAL  

PART 2J.1 - SHARE CAPITAL REDUCTIONS AND SHARE BUY-BACKS  

Division 3 - Other share capital reductions  

SECTION 258F   REDUCTIONS BECAUSE OF LOST CAPITAL  

258F(1)   [ Capital lost or not represented by available assets]  

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]  

This power does not apply if:

(a) the company also cancels shares; or

(b) the cancellation of paid-up share capital is inconsistent with the requirements of any accounting standard.