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

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Division 3 - Other share capital reductions

SECTION 258E OTHER SHARE CANCELLATIONS

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258E(1) (Authorised reduction of share capital)

Any reduction in share capital involved in:

(a) the redemption of redeemable preference shares out of the proceeds of a new issue of shares made for the purpose of the redemption (see section 254K); or

(b) a company's buying-back of its own shares under sections 257A to 257J if the shares are paid for out of share capital.

(c) (Repealed by No 156 of 1999, Sch 3, Pt 1 (effective 13 March 2000).)

is authorised by this section.

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258E(2) (Cancellation of returned shares)

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A company may cancel shares returned to it under section 651C, 724(2), 737 or 738 and any reduction in the company's share capital that is involved is authorised by this subsection.

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258E(3) (Reduction by order)

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Any reduction in a company's share capital because of an order under section 1325A is authorised by this subsection.

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