Corporations Act - Australia

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      1

      section 588G

      section 1317H

      liability of directors on insolvency

      Under the combined operation of these sections the directors may have to compensate the company if the company is, or becomes, insolvent when the company reduces its share capital.

      2

      section 1324

      injunctions to restrain contravention

      Under this section the Court may grant an injunction against conduct that constitutes or would constitute a contravention of this Act.

      4

      Chapter 6CA

      continuous disclosure provisions

      Under this Chapter a disclosing entity is required to disclose information about its securities that is material and not generally available.

      5

      Chapter 2E

      benefits to related parties to be disclosed

      Under this Chapter a financial benefit to a director or other related party that could adversely affect the interests of a public company’s members as a whole must be approved at a general meeting before it can be given.

      6

      section 125

      provisions in constitution

      This section deals with the way in which a company’s constitution may restrict the exercise of the company’s powers and the consequences of a failure to observe these restrictions.

      7

      sections 246B‑246G

      variation of class rights

      These sections deal with the variation of rights attached to a class of shares. This variation may be governed by the provisions of the company’s constitution.

      Division 2 — Share buy‑backs

      257A The company’s power to buy back its own shares

      A company may buy back its own shares if:

      (a) the buy‑back does not materially prejudice the company’s ability to pay its creditors; and

      (b) the company follows the procedures laid down in this Division.

      Note 1: If a company has a constitution, it may include provisions in the constitution that preclude the company buying back its own shares or impose restrictions on the exercise of the company’s power to buy back its own shares.

      Note 2: A company may buy‑back redeemable preference shares and may do so on terms other than the terms on which they could be redeemed. For the redemption of redeemable preference shares, see sections 254J‑254L.

      257B Buy‑back procedure — general

      (1) The following table specifies the steps required for, and the sections that apply to, the different types of buy‑back.

      Procedures

      [and sections applied]

      minimum holding

      employee share scheme

      on‑market

      equal access scheme

      selective buy‑back

      within 10/12 limit

      over 10/12 limit

      within 10/12 limit

      over 10/12 limit

      within 10/12 limit

      over 10/12 limit

      ordinary resolution

      [257C]

      —

      —

      yes

      —

      yes

      —

      yes

      —

      special/unanimous resolution [257D]

      —

      —

      —

      —

      —

      —

      —

      yes

      lodge offer documents with ASIC [257E]

      —

      —

      —

      —

      —

      yes

      yes

      yes

      14 days notice [257F]

      —

      yes

      yes

      yes

      yes

      yes

      yes

      yes

      disclose relevant information when offer made [257G]

      —

      —

      —

      —

      —

      yes

      yes

      yes

      cancel shares [257H]

      yes

      yes

      yes

      yes

      yes

      yes

      yes

      yes

      notify cancellation to ASIC [254Y]

      yes

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