Section 246F(1) and (3) 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) and (3) 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:
5 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.
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