Section 254Y(1) of the Corporations Act 2001 (Cth) is ‘Notice to ASIC of Share Cancellation’ and is extracted below.
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Section 254Y(1) of the Corporations Act 2001 (Cth) is Notice to ASIC of Share Cancellation and reads as follows:
Notice to ASIC of Share Cancellation
(1) Within 1 month after shares are cancelled, the company must lodge with ASIC a notice in the prescribed form that sets out:
(a) the number of shares cancelled; and
(b) any amount paid by the company (in cash or otherwise) on the cancellation of the shares; and
(c) if the shares are cancelled following a share buy-back–the amount paid by the company (in cash or otherwise) on the buy-back; and
(d) if the company has different classes of shares–the class to which each cancelled share belonged; and
(e) if the company is a proprietary company that has made one or more CSF offers–whether the cancellation has resulted in the company ceasing to have any CSF shareholders.
Note: Provisions under which shares are cancelled include section 254J (redeemable preference shares), section 256B (capital reductions), subsection 257H(3) (shares a company has bought back), section 258D (forfeited shares), and subsections 258E(2) and (3) (shares returned to a company).
The maximum penalty for the offence of Notice to ASIC of Share Cancellation 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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Where issues are found, our lawyers will write to the prosecution asking to have the charges dropped on this basis – often sparing our clients the considerable time and expense associated with defended hearings.
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