Corporations Act. Australia
Чтение книги онлайн.

Читать онлайн книгу Corporations Act - Australia страница 114

Название: Corporations Act

Автор: Australia

Издательство: Проспект

Жанр: Юриспруденция, право

Серия:

isbn: 9785392086429

isbn:

СКАЧАТЬ

      (4) The company may by resolution passed at a general meeting authorise the directors to make a particular issue of shares without complying with subsection (1).

      254E Court validation of issue

      (1) On application by a company, a shareholder, a creditor or any other person whose interests have been or may be affected, the Court may make an order validating, or confirming the terms of, a purported issue of shares if:

      (a) the issue is or may be invalid for any reason; or

      (b) the terms of the issue are inconsistent with or not authorised by:

      (i) this Act; or

      (ii) another law of a State or Territory; or

      (iii) the company’s constitution (if any).

      (2) On lodgment of a copy of the order with ASIC, the order has effect from the time of the purported issue.

      254F Bearer shares and stock must not be issued

      A company does not have the power to:

      (a) issue bearer shares; or

      (b) issue stock or convert shares into stock.

      Note: The Part 10.1 transitionals contain provisions for the conversion of existing stock into shares.

      254G Conversion of shares

      (1) A company may:

      (a) convert an ordinary share into a preference share; and

      (b) convert a preference share into an ordinary share.

      Note: The variation of class rights provisions (sections 246B‑246G) will apply to the conversion.

      (2) A company can convert ordinary shares into preference shares only if the holders’ rights with respect to the following matters are set out in the company’s constitution (if any) or have been otherwise approved by special resolution of the company:

      (a) repayment of capital;

      (b) participation in surplus assets and profits;

      (c) cumulative and non‑cumulative dividends;

      (d) voting;

      (e) priority of payment of capital and dividends in relation to other shares or classes of preference shares.

      (3) A share that is not a redeemable preference share when issued cannot afterwards be converted into a redeemable preference share.

      254H Resolution to convert shares into larger or smaller number

      (1) A company may convert all or any of its shares into a larger or smaller number of shares by resolution passed at a general meeting.

      Note: The variation of class rights provisions (sections 246B‑246G) may apply to the conversion.

      (2) The conversion takes effect on:

      (a) the day the resolution is passed; or

      (b) a later date specified in the resolution.

      (3) Any amount unpaid on shares being converted is to be divided equally among the replacement shares.

      (4) The company must lodge a copy of the resolution with ASIC within 1 month after it is passed.

      (5) An offence based on subsection (4) is an offence of strict liability.

      Note: For strict liability, see section 6.1 of the Criminal Code.

      Part 2H.2 — Redemption of redeemable preference shares

      254J Redemption must be in accordance with terms of issue

      (1) A company may redeem redeemable preference shares only on the terms on which they are on issue. On redemption, the shares are cancelled.

      Note: 1: For the power to issue redeemable preference shares see paragraph 254A(1)(b) and subsections 254A(2) and (3).

      Note: 2: For the criminal liability of a person dishonestly involved in a contravention of this section, see subsection 254L(3). Section 79 defines involved.

      (2) This section does not affect the terms on which redeemable preference shares may be cancelled under a reduction of capital or a share buy‑back under Part 2J.1.

      254K Other requirements about redemption

      A company may only redeem redeemable preference shares:

      (a) if the shares are fully paid‑up; and

      (b) out of profits or the proceeds of a new issue of shares made for the purpose of the redemption.

      Note: 1: For a director’s duty to prevent insolvent trading on redeeming redeemable preference shares, see section 588G.

      Note: 2: For the criminal liability of a person dishonestly involved in a contravention of this section, see subsection 254L(3). Section 79 defines involved.

      254L Consequences of contravening section 254J or 254K

      (1) If a company redeems shares in contravention of section 254J or 254K:

      (a) the contravention does not affect the validity of the redemption or of any contract or transaction connected with it; and

      (b) the company is not guilty of an offence.

      (2) Any person who is involved in a company’s contravention of section 254J or 254K contravenes this subsection.

      Note: 1: Subsection (2) is a civil penalty provision (see section 1317E).

      Note: 2: Section 79 defines involved.

      (3) A person commits an offence if they are involved in a company’s contravention of section 254J or 254K and the involvement is dishonest.

      Part 2H.3 — Partly‑paid shares

      254M Liability on partly‑paid shares

      General rule about shareholder’s liability for calls

      (1) If shares in a company are partly‑paid, the shareholder is liable to pay calls on the shares in accordance with the terms on which the shares are on issue. This subsection does not apply to a no liability company.

      Note: The shareholder may also be liable as a contributory under sections 514‑529 if the company is wound up.

      No liability companies

      (2) СКАЧАТЬ