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 254K   OTHER REQUIREMENTS ABOUT REDEMPTION  

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254K    A company may only redeem redeemable preference shares:

(a)  if the shares are fully paid-up; and

(b)  out of profits or the proceeds of a new issue of shares made for the purpose of the redemption.

Note:

For a director's duty to prevent insolvent trading on redeeming redeemable preference shares, see section 588G.

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History

S 254K inserted by No 61 of 1998, Sch 1 and substituted by Sch 5 (effective 1 July 1998).

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