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 2J - TRANSACTIONS AFFECTING SHARE CAPITAL

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History

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

PART 2J.1 - SHARE CAPITAL REDUCTIONS AND SHARE BUY-BACKS

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History

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

Division 2 - Share buy-backs

SECTION 257A   THE COMPANY'S POWER TO BUY BACK ITS OWN SHARES  

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257A     A company may buy back its own shares if:

(a)  the buy-back does not materially prejudice the company's ability to pay its creditors; and

(b)  the company follows the procedures laid down in this Division.

Note 1:

If a company has a constitution, it may include provisions in the constitution that preclude the company buying back its own shares or impose restrictions on the exercise of the company's power to buy back its own shares.

Note 2:

A company may buy-back redeemable preference shares and may do so on terms other than the terms on which they could be redeemed. For the redemption of redeemable preference shares, see sections 254J-254L.

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History

S 257A amended by No 61 of 1998, Sch 5 (effective 1 July 1998).

S 257A inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).

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