Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document

 Download WordDownload Word 


Bill home page
Table Of Contents
Previous Fragment    Next Fragment
Corporations Bill 2001

Part 2H.6 Notice requirements

   

254X   Notice to ASIC of share issue

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

                     (a)  the number of shares that were issued; and

                     (b)  if the company has different classes of shares—the class to which each of those shares belongs; and

                     (c)  the amount (if any) paid, or agreed to be considered as paid, on each of those shares; and

                     (d)  the amount unpaid (if any) on each of those shares; and

                     (e)  if the company is a public company and the shares were issued for non-cash consideration—the prescribed particulars about the issue of the shares, unless the shares were issued under a written contract and a copy of the contract is lodged with the notice.

Note:          The company must lodge information when rights attached to the shares change, or when the shares are divided or converted into new classes (see section 246F).

             (2)  If the shares were issued for non-cash consideration under a contract, the company must also lodge with ASIC a certificate stating that all stamp duty payable on the contract under any applicable law relating to stamp duty has been paid. This certificate must be lodged with the subsection (1) notice or at a later time permitted by the regulations or by ASIC.

             (3)  The company does not have to lodge a subsection (1) notice about the issue of shares to a person on the registration of the company or on the company changing its type from a company limited by guarantee to a company limited by shares.

Note:          Information about shares issued in these situations will come to ASIC under subsections 5H(2), 117(2), 163(3) and 601BC(2).

254Y   Notice to ASIC of share cancellation

                   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).



 

Chapter 2J Transactions affecting share capital