Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 254Y

Within 1 month after shares are cancelled, the company must lodge with ASIC a notice in the prescribed form that sets out:

(a)

the number of shares cancelled; and

(b)

any amount paid by the company (in cash or otherwise) on the cancellation of the shares; and

(c)

if the shares are cancelled following a share buy-back—the amount paid by the company (in cash or otherwise) on the buy-back; and

(d)

if the company has different classes of shares—the class to which each cancelled share belonged.

Note: Provisions under which shares are cancelled include section 254J (redeemable preference shares), section 256B (capital reductions),

subsection 257H(3) (shares a company has bought back), section 258D (forfeited shares), and subsections 258E(2) and (3) (shares returned to a company).