Queensland Consolidated Acts

DUTIES ACT 2001 - SECT 161

161 Entitlement on distribution of corporation’s property

(1) Subject to section 161B , the entitlement of a person on a distribution of a corporation’s property is the greater of the entitlement of the person as a shareholder, based on a distribution carried out—

(a) under the corporation’s constitution and the Corporations Act ; or

(b) after the person or the person’s representative, has, to maximise the person’s entitlement, exercised all powers and discretions to do all or any of the following—

(i) effect or compel a change of the corporation’s constitution;

(ii) vary the rights conferred by the shares in the corporation;

(iii) pay up any uncalled amount owing to the corporation for the shares;

(iv) satisfy conditions in the corporation’s constitution relating to the shares;

(v) effect or compel the substitution or replacement of shares in the corporation with other shares in the corporation.

(2) In this section—

"representative" , of another person, means someone who is accustomed, or under an obligation, or reasonably expected to act under the directions, instructions or wishes of the other person.