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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History

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

PART 2H.2 - REDEMPTION OF REDEEMABLE PREFERENCE SHARES

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

SECTION 254J   REDEMPTION MUST BE IN ACCORDANCE WITH TERMS OF ISSUE  

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254J(1)  [Redemption]  

A company may redeem redeemable preference shares only on the terms on which they are on issue. On redemption, the shares are cancelled.

Note:

For the power to issue redeemable preference shares see paragraph 254A(1)(b) and subsections 254A(2) and (3).

254J(2)  [Reduction of capital or share buy-back]  

This section does not affect the terms on which redeemable preference shares may be cancelled under a reduction of capital or a share buy-back under Part 2J.1.

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History

S 254J inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).

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