Section 178C(1) of the Corporations Act 2001 (Cth) is ‘Notice of Change to Share Structure’
and is extracted below.
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Section 178C(1) of the Corporations Act 2001 (Cth) is Notice of Change to Share Structure and reads as follows:
Notice of Change to Share Structure
(1) A proprietary company that is required to notify ASIC under section 178A of an addition or alteration must also notify ASIC, at the same time, of any of the following details in relation to the company that are different from the details previously notified to ASIC:
(a) the total number of the company’s shares on issue;
(b) the classes into which the shares are divided;
(c) for each class issued:
(i) the total number of shares for the class;
(ii) the total amount paid up for the class;
(iii) the total amount unpaid for the class;
(d) that the company has started to have one or more CSF shareholders;
(e) that the company has ceased to have any CSF shareholders.
The maximum penalty for the offence of breaching Notice of Change to Share Structure is:
60 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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