254YNotice to ASIC of share cancellation

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; and (e) if the company is a proprietary company that has made one or more CSF offers—whether the cancellation has resulted in the company ceasing to have any CSF shareholders.

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.

Chapter 2J—Transactions affecting share capital

Note: This Chapter is modified for CCIVs: see Division 2 of Part 8B.4.