CCH Note:
Part 13 of the
Corporations Act 1989, inserted
by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as
follows:
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW
82
The Corporations Law is as follows:...
CHAPTER 2H - SHARES
History
Chapter 2H inserted by No 61 of 1998, Sch 1 (effective 1
July 1998).
PART 2H.1 - ISSUING AND CONVERTING SHARES
History
Part 2H.1 inserted by No 61 of 1998, Sch 1 (effective 1
July 1998).
SECTION 254H
RESOLUTION TO CONVERT SHARES INTO LARGER OR SMALLER NUMBER
254H(1)
[Consolidation or division]
A company may convert all or any of its shares into a larger or smaller number of shares by resolution passed at a general meeting.
Note:
The variation of class rights provisions (sections
246B-
246G) may apply to the conversion.
History
S 254H(1) inserted by No 61 of 1998, Sch 1 and substituted by Sch 5 (effective 1 July 1998).
254H(2)
[Conversion]
The conversion takes effect on:
(a)
the day the resolution is passed; or
(b)
a later date specified in the resolution.
History
S 254H(2) inserted by No 61 of 1998, Sch 1 and substituted by Sch 5 (effective 1 July 1998).
254H(3)
[Unpaid amount]
Any amount unpaid on shares being converted is to be divided equally among the replacement shares.
History
S 254H(3) inserted by No 61 of 1998, Sch 1 and substituted by Sch 5 (effective 1 July 1998).
254H(4)
[Lodgment with ASIC]
The company must lodge a copy of the resolution with ASIC within 1 month after it is passed.
History
S 254H(4) amended by No 54 of 1998, Sch 5 (effective 1 July 1998).
S 254H(4) inserted by No 61 of 1998, Sch 1 and substituted by Sch 5 (effective 1 July 1998).
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