Section 246F(1) of the Corporations Act 2001 (Cth) is ‘Company Must Lodge Documents and Resolutions with ASIC’ and is extracted below.
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Section 246F(1) of the Corporations Act 2001 (Cth) is Company Must Lodge Documents and Resolutions with ASIC and reads as follows:
Company Must Lodge Documents and Resolutions with ASIC
(1) A company must lodge with ASIC a notice in the prescribed form setting out particulars of any of the following:
(a) a division of shares in the company into classes if the shares were not previously so divided;
(b) a conversion of shares in a class of shares in the company into shares in another class.
Note: A proprietary company may also have to notify certain particulars under Part 2C.2.
The maximum penalty for the offence of Company Must Lodge Documents and Resolutions with ASIC is:
20 penalty units (a Commonwealth penalty unit is currently $210).
However, it should be kept in mind that maximum penalties are reserved for the most serious cases.
Your legal team will be able to advise you of the essential elements the prosecution would need to prove in order to establish the offence, whether those elements are capable of being established in your particular situation, the most effective and efficient way forward and the likely outcome.
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