sec.97Certain transfers by companies not to constitute reduction of share capital

### sec.97 Certain transfers by companies not to constitute reduction of share capital Where land under the provisions of the Real Property Act 1861 is comprised in— a building units plan registered under the Building Units Titles Act 1965 ; or a group titles plan registered under the Group Titles Act 1973 ; or a building units plan or a group titles plan registered under the Building Units and Group Titles Act 1980 ; and at the time of registration of the plan the registered proprietor of that land was a company, the transfer by the company of any lot in the building units plan or group titles plan in exchange for or in satisfaction of a right of a kind referred to in the Corporations Law, section 195 (13) does not of itself constitute, and is to be taken never to have constituted, a reduction of the share capital of the company. Subsection (1) does not apply to a transfer made on or after the commencement of this subsection. s 97 amd 2000 No. 12 s 8 (sec.97-ssec.1) Where land under the provisions of the Real Property Act 1861 is comprised in— a building units plan registered under the Building Units Titles Act 1965 ; or a group titles plan registered under the Group Titles Act 1973 ; or a building units plan or a group titles plan registered under the Building Units and Group Titles Act 1980 ; and at the time of registration of the plan the registered proprietor of that land was a company, the transfer by the company of any lot in the building units plan or group titles plan in exchange for or in satisfaction of a right of a kind referred to in the Corporations Law, section 195 (13) does not of itself constitute, and is to be taken never to have constituted, a reduction of the share capital of the company. (sec.97-ssec.2) Subsection (1) does not apply to a transfer made on or after the commencement of this subsection. - (a) a building units plan registered under the Building Units Titles Act 1965 ; or - (b) a group titles plan registered under the Group Titles Act 1973 ; or - (c) a building units plan or a group titles plan registered under the Building Units and Group Titles Act 1980 ;