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Notice to ASIC of share cancellation
Notice to ASIC of share cancellation
What the Law states - Notice to ASIC of share cancellation
CORPORATIONS ACT 2001 - SECT 254Y
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.
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).
(2) An offence based on subsection (1) is an offence of strict liability.
Note: For strict liability , see section 6.1 of the Criminal Code .
Maximum Penalty in Victoria
5 penalty units
What the Prosecution must prove - Notice to ASIC of share cancellation - Vic
1. Shares in the company have been cancelled.
2. One month has passed since the shares were cancelled.
3. A notice has not been filed with ASIC, or has been filed but does not contain the required information.
Possible Defences - Notice to ASIC of share cancellation
1. Honest and reasonable mistake.
2. Factual dispute.
Which court will hear the charge of Notice to ASIC of share cancellation
Magistrates Court
