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 2H - SHARES

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Chapter 2H inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).

PART 2H.1 - ISSUING AND CONVERTING SHARES

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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  

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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.

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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.

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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.

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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]  

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The company must lodge a copy of the resolution with ASIC within 1 month after it is passed.

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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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