CORPORATIONS ACT 2001

CHAPTER 5B - BODIES CORPORATE REGISTERED AS COMPANIES, AND REGISTRABLE BODIES  

PART 5B.1 - REGISTERING A BODY CORPORATE AS A COMPANY  

Division 2 - Operation of this Act  

SECTION 601BP   BEARER SHARES  

601BP(1)   [ Surrendering of share]  

A bearer of a bearer share in a company registered under this Part may surrender the share to the company. The company must:


(a) cancel the share; and


(b) include the bearer's name in the company's register of members.

601BP(1A)   [ 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 .

601BP(2)   [ Compensation]  

The company is liable to compensate anyone who suffers a loss because the company includes the bearer's name in the company's register of members despite the fact that:


(a) the share was not surrendered to the company; or


(b) the company failed to cancel the share.

601BP(3)   [ Constitution]  

Subject to this section, the constitution of a company registered under this Part may provide that the bearer of a bearer share in the company is taken to be a member of the company for all purposes or for specified purposes.

Note: A body must not issue bearer shares after it is registered as a company under this Part (see paragraph 254F(a)).


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