Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 161

161. (1) A company has, both within and outside Australia, the legal capacity
of a natural person and, without limiting the generality of the foregoing,
has, both within and outside Australia, power:

   (a)  to issue and allot fully or partly paid shares in the company;

   (b)  to issue debentures of the company;

   (c)  to distribute any of the property of the company among the members, in
        kind or otherwise;

   (d)  to give security by charging uncalled capital;

   (e)  to grant a floating charge on property of the company;

   (f)  to procure the company to be registered or recognised as a body
        corporate in any place outside Australia; and

   (g)  to do any other act that it is authorised to do by any other law
        (including a law of a foreign country).

(2) Subsection (1) has effect in relation to a company:

   (a)  subject to this Act (other than subsection 162 (1) );

   (b)  in a case where the company's constitution contains an express or
        implied restriction on, or an express or implied prohibition of, the
        exercise by the company of any of its powers-despite any such
        restriction or prohibition;

   (c)  in a case where the memorandum of the company contains a provision
        stating the objects of the company-despite that fact; and

   (d)  despite subsection 162 (1).

(3) The fact that the doing of an act by a company would not be, or is not, in
its best interests does not affect its legal capacity to do the act.