THE CORPORATIONS LAW

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 11 - APPLICATION AND TRANSITIONAL PROVISIONS

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PART 11.2 - COMMENCEMENT AND APPLICATION OF CERTAIN CHANGES TO THIS LAW

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History

Heading amended by No 61 of 1998, Sch 3 (effective 1 July 1998).

Pt 11.2 was renumbered from Pt 9.11 by No 61 of 1998, Sch 3 (effective 1 July 1998).

Division 10A - Changes resulting from Schedule 5 to the Company Law Review Act 1998

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History

Div 10A heading substituted for Div 11 heading (first occurring) by No 156 of 1999, Sch 8 (effective 1 July 1998).

SECTION 1447   SHARE CAPITAL-USE OF AMOUNT STANDING TO CREDIT OF SHARE PREMIUM ACCOUNT  

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1447     A company may use the amount standing to the credit of its share premium account immediately before commencement to:

(a)  provide for the premium payable on redemption of debentures or redeemable preference shares issued before commencement; or

(b)  write off:

(i) the preliminary expenses of the company incurred before commencement; or

(ii) expenses incurred, payments made, or discounts allowed, on or before commencement, in respect of any issue of shares in, or debentures of, the company.

Note:

After commencement, a company will be able to issue bonus shares without transferring an amount to the share capital account (see section 254A).

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History

S 1447 inserted by No 61 of 1998, Sch 5 (effective 1 July 1998).

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