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

Division 2 - Share buy-backs

SECTION 257C   BUY-BACK PROCEDURE - SHAREHOLDER APPROVAL IF THE 10/12 LIMIT EXCEEDED  

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257C(1)  Ordinary resolution required.  

If section 257B applies this section to a buy-back, the terms of the buy-back agreement must be approved before it is entered into by a resolution passed at a general meeting of the company, or the agreement must be conditional on such an approval.

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

257C(2)  Information to accompany the notice of meeting.  

The company must include with the notice of the meeting a statement setting out all information known to the company that is material to the decision how to vote on the resolution. However, the company does not have to disclose information if it would be unreasonable to require the company to do so because the company had previously disclosed the information to its shareholders.

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S 257C(2) inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).

257C(3) 

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Documents to be lodged with ASIC.  

Before the notice of the meeting is sent to shareholders, the company must lodge with ASIC a copy of:

(a)  the notice of the meeting; and

(b)  any document relating to the buy-back that will accompany the notice of the meeting sent to shareholders.

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S 257C(3) amended by No 54 of 1998, Sch 5, Pt 2 (effective 1 July 1998).

S 257C(3) inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).

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