Corporations Act 2001
Pt 1.5 amended by No 64 of 2020, s 3, Sch 3 (effective 23 June 2020).
Pt 1.5 amended by No 17 of 2019, s 3, Sch 1 [ 13] (effective 13 March 2019).
Pt 1.5 amended by No 106 of 2018, s 3, Sch 1 [ 3] - [ 5] (effective 19 October 2018).
Pt 1.5 amended by No 96 of 2010, s 3, Sch 1, Pt 2 [ 12] - [ 16], Pt 5 [ 102] and Pt 6 [ 116].
Pt 1.5 amended by No 5 of 2011, s 3, Sch 1 [ 21].
Pt 1.5 amended by No 66 of 2010, s 3, Sch 1, Pt 1 [ 5].
Pt 1.5 amended by No 101 of 2007, s 3, Sch 1, Pt 3 [ 198] - [ 200].
Pt 1.5 amended by No 116 of 2003, s 3, Sch 3 [ 8] - [ 20].
Pt 1.5 amended by No 24 of 2003, s 3, Sch 1 [ 10] - [ 14] and Sch 2 [ 2] and [ 3].
There are remedies available to a shareholder of a company if:
· the affairs of the company are being conducted in a way that is unfair to that shareholder or to other shareholders of the company; or
· the affairs of the company are being conducted in a way that is against the interests of the company as a whole.
A Court may, for example, order the winding up of a company or the appointment of a receiver.11.2 Buy-back of shares.
A company may buy back the shares of a shareholder who wants to sever their relationship with the company.11.3 Selling shares.
A shareholder in a company who wants to sever their relationship with the company may decide to sell their shares. However, the shareholder may not be able to sell their shares readily - particularly if they want to sell their shares to someone who is not an existing shareholder. Some of the difficulties they may face in that case are:
· under the replaceable rules the directors have a discretion to refuse to transfer the shares; and
· restrictions in the company's constitution (if any) on transferring shares.
[ CCH Note: The references to sections " 1091D - 1091E " are legislative oversights. The references should be to sections " 1072F " and " 1072G " .]
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