Company Law Review Act 1998 (61 of 1998)
Schedule 5
Corporations Law
17 After the heading to Part 2J.1 and before Division 1 of that Part
Insert:
256A Purpose
This Part states the rules to be followed by a company for reductions in share capital and for share buy-backs. The rules are designed to protect the interests of shareholders and creditors by:
(a) addressing the risk of these transactions leading to the company's insolvency
(b) seeking to ensure fairness between the company's shareholders
(c) requiring the company to disclose all material information.
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