Ordinary resolution required for equal reduction
(1) If the reduction is an equal reduction, it must be approved by a resolution passed at a general meeting of the company.
Special shareholder approval for selective reduction
(2) If the reduction is a selective reduction, it must be approved by either:
(3) The company must lodge with ASIC a copy of any resolution under subsection (2) within 14 days after it is passed. The company must not make the reduction until 14 days after lodgment.
Information to accompany the notice of meeting
(4) The company must include with the notice of the meeting a statement setting out all information known to the company that is material to the decision on how to vote on the resolution. However, the company does not have to disclose information if it would be unreasonable to require the company to do so because the company had previously disclosed the information to its shareholders.
Documents to be lodged with ASIC
(5) Before the notice of the meeting is sent to shareholders, the company must lodge with ASIC a copy of: