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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.11 - TITLE AND TRANSFER    View history reference

Division 1 - Title to certain securities    View history reference

SECTION 1070B  NUMBERING OF SHARES  

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1070B(1)  [Number]  


Except as provided in subsection (2), a company must ensure that each share in the company is distinguished by an appropriate number.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

1070B(2)  [No distinguishing number required]  


Despite subsection (1):


(a) if at any time all the issued shares in a company, or all the issued shares in a company of a particular class:


(i) are fully paid up; and

(ii) rank equally for all purposes;
none of those shares is required to have a distinguishing number so long as each of those shares remains fully paid up, and ranks equally for all purposes with all shares of the same class for the time being issued and fully paid up; and


(b) if:


(i) all the issued shares in a company are evidenced by certificates in accordance with section 1070C; and

(ii) each certificate is distinguished by an appropriate number; and

(iii) that number is recorded in the register of members;
none of those shares is required to have a distinguishing number; and


(c) a share need not have a distinguishing number if the operating rules of a prescribed CS facility through which it is able to be transferred provide that the share need not have a distinguishing number.

Note: A defendant bears an evidential burden in relation to the matters in this subsection. See subsection 13.3(3) of the Criminal Code.


 



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