SECTION 260A FINANCIAL ASSISTANCE BY A COMPANY FOR ACQUIRING SHARES IN THE COMPANY OR A HOLDING COMPANY
(a) giving the assistance does not materially prejudice:
(i) the interests of the company or its shareholders; or
(ii) the company's ability to pay its creditors; or
(b) the assistance is approved by shareholders under section 260B (that section also requires advance notice to ASIC); or
(c) the assistance is exempted under section 260C.
Note: For the criminal liability of a person dishonestly involved in a contravention of this section, see subsection 260D(3). Section 79 defines involved.
S 260A(1) amended by No 180 of 2012, s 3, Sch 1 (effective 11 December 2012).
[CCH Note: Act No 180 of 2012, s 3, Sch 7 contained the following application provision (which was effective 11 December 2012):
Application of amendments made by this ActThe amendments made by this Act apply in relation to an act or omission by a body corporate occurring on or after the day this Act commences.
The amendments made by this Act apply in relation to an act or omission by a body corporate occurring on or after the day this Act commences.
(a) be given before or after the acquisition of shares (or units of shares); and
(b) take the form of paying a dividend.
(a) issue; or
(b) transfer; or
(c) any other means.