Corporations Act 2001
Note: This Chapter is modified for CCIVs: see Division 2 of Part 8B.4 .
View history note
Hide history noteNote: This Part applies to a CCIV with modifications: see sections 1231J and 1231K .
A company must not acquire shares (or units of shares) in itself except:
(a) in buying back shares under section 257A ; or
(b) in acquiring an interest (other than a legal interest) in fully-paid shares in the company if no consideration is given for the acquisition by the company or an entity it controls; or
(c) under a court order; or
(d) in circumstances covered by subsection 259B(2) or (3) .
Note: For the criminal liability of a person dishonestly involved in a contravention of this section, see subsection 259F(3) . Section 79 defines involved .
[ CCH Note: Act No 180 of 2012, s 3, Sch 7[1] contained the following application provision (which was effective 11 December 2012):
]Application of amendments made by this Act
The amendments made by this Act apply in relation to an act or omission by a body corporate occurring on or after the day this Act commences.
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