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 257F   NOTICE OF INTENDED BUY-BACK  

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257F(1)  [When to lodge]  

If section 257B applies this section to a buy-back, the company must satisfy the lodgment requirement in subsection (2) at least 14 days before:

(a)  if the buy-back agreement is conditional on the passing of a resolution under subsection 257C(1) or 257D(1) - the resolution is passed; or

(b)  if it is not - the agreement is entered into.

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History

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

257F(2)  [Notice to be lodged]  

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The company satisfies the lodgment requirement when it lodges with ASIC:

(a)  documents under subsection 257C(3) or 257D(3) or section 257E; or

(b)  a notice that the company intends to carry out the buy-back.

Note 1:

A company that has to lodge documents under section 257C, 257D or 257E needs to lodge a notice under paragraph (2)(b) of this section only if it wants for some reason to enter into the agreement or pass the resolution less than 14 days after lodging the section 257C, 257D or 257E documents.

Note 2:

The company may specify a buy-back under paragraph (2)(b) in any way. It may, for instance, choose to lodge a notice covering buy-backs to be carried out:

•  under a particular scheme; or

•  as part of particular on-market buy-back activity.

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History

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

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

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