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Section 254Y(1) Corporations Act 2001
Notice to ASIC of Share Cancellation

Section 254Y(1) of the Corporations Act 2001 (Cth) is ‘Notice to ASIC of Share Cancellation’ and is extracted below.

If you require the services of a criminal defence team that specialises in corporate crime and compliance, call Sydney Criminal Lawyers today on (02) 9261 8881 to arrange a consultation.

Our criminal defence lawyers are vastly experienced in advising and representing corporations and individuals who are facing investigations for regulatory issues and proceedings for criminal offences, and our expertise in serious and complex cases means you can rest assured of receiving the most effective legal representation whatever your situation may involve.

The Legislation

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 penalties                                                                                                              

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.

Why Choose Sydney Criminal Lawyers®?

Choosing the right legal team to defend your reputation and interests can be a difficult process. However, it is always important to look at a firm’s experience and results when making this decision.

At Sydney Criminal Lawyers®, we have extensive experience defending and winning some of the most complex criminal matters – so you can rest assured that you are in safe hands.

Our criminal law specialists will take the time in every case to carefully scrutinise all the evidence in order to identify problems with the prosecution case at an early stage in the proceedings.

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.

However, should your matter proceed to court, our senior lawyers will represent you and present a strong defence case to maximise your chances of being found ‘not guilty.’

Our senior lawyers are highly skilled advocates who have been recognised for their expert knowledge of the criminal law, as well as their ability to obtain excellent results in difficult cases.

We can assist you in avoiding the harsh penalties imposed by the law if you simply wish to plead guilty – in these cases, our experienced advocates can prepare and present compelling sentencing submissions which focus on any positive factors of your case.

For the best defence in your case, get the experts on your side today.

Call us now on (02) 9261 8881 and book your FREE first conference with our criminal law specialists.

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