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CORPORATIONS ACT 2001

CHAPTER 2J - TRANSACTIONS AFFECTING SHARE CAPITAL  

PART 2J.1 - SHARE CAPITAL REDUCTIONS AND SHARE BUY-BACKS  

Division 3 - Other share capital reductions  

SECTION 258F  REDUCTIONS BECAUSE OF LOST CAPITAL  

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258F(1)  [Capital lost or not represented by available assets]  


A company may reduce its share capital by cancelling any paid-up share capital that is lost or is not represented by available assets.

258F(2)  [Exceptions]  

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This power does not apply if:


(a) the company also cancels shares; or


(b) the cancellation of paid-up share capital is inconsistent with the requirements of any accounting standard.


 



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