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.5 - DIVIDENDS

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Part 2H.5 inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).

SECTION 254W   DIVIDEND RIGHTS  

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254W(1)  Shares in public companies.  

Each share in a class of shares in a public company has the same dividend rights unless:

(a)  the company has a constitution and it provides for the shares to have different dividend rights; or

(b)  different dividend rights are provided for by special resolution of the company.

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

254W(2)  Shares in proprietary companies (replaceable rule - see section 135).  

Subject to the terms on which shares in a proprietary company are on issue, the directors may pay dividends as they see fit.

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S 254W(2) inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).

254W(3)  No liability companies.  

A person is not entitled to a dividend on a share in a no liability company if a call:

(a)  has been made on the share; and

(b)  is due and unpaid.

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S 254W(3) inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).

254W(4)  [Payment of dividend]  

Dividends are payable to the shareholders in a no liability company in proportion to the number of shares held by them, irrespective of the amount paid up, or credited as paid up, on the shares. This subsection has effect subject to any provisions in the company's constitution relating to shares that are not ordinary shares.

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S 254W(4) inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).

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