Corporations Act 2001
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Hide history noteA CCIV may convert a share of any kind into a share of a kind mentioned in an item in column 1 of the following table if the requirements (if any) specified in column 2 of the item are met.
| Conversion of shares | ||
| Item |
Column 1
To convert a share into a share of this kind: |
Column 2
These requirements must be met: |
| 1 | An ordinary share (other than a redeemable share) | No specified requirements (but see Note 1) |
| 2 | A redeemable share | The conversion has been approved by a special resolution of the sub-fund of the CCIV to which the share is referable (see also Notes 1 and 2) |
| 3 | A preference share (other than a redeemable preference share) | The holders ' rights with respect to the matters mentioned in subsection 254G(2) are set out in the CCIV ' s constitution (if any) or have been otherwise approved by special resolution of the sub-fund of the CCIV to which the share is referable (see also Note 1) |
Note 1: The variation of class rights provisions (sections 246B to 246G ) will apply to the conversion.
Note 2: For a director ' s duty to prevent insolvent trading on converting shares into redeemable shares, see sections 588G and 1238C .
1230C(2)
A CCIV may not convert a share into a redeemable preference share.
1230C(3)
A CCIV may convert all or any of its shares into a larger or smaller number. Any amount unpaid on shares being converted is to be divided equally among the replacement shares.
1230C(4)
This section replaces sections 254G and 254H for a CCIV.
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