Section 97 - Corporations (Victoria) Act 1990 - Certain transfers by companies under Subdivision Act 1988 not to constitute reduction of share capital | Zoe
97 Certain transfers by companies under Subdivision Act 1988 not to constitute reduction of share capital
(1) Where land under the operation of the Transfer of Land Act 1958 is comprised in—
(a) a plan of strata subdivision registered under the Strata Titles Act 1967; or
(b) a plan of cluster subdivision registered under the Cluster Titles Act 1974; or
(c) a plan of subdivision registered under the Subdivision Act 1988—
and, at the time of registration of the plan, the proprietor of that land was a company, the transfer by the company of—
(d) a unit on the plan of strata subdivision; or
(e) a lot on the plan of cluster subdivision; or
(f) a lot on the plan of subdivision—
in exchange for or in satisfaction of a right of the kind referred to in section 195(13) of the Corporations Law, does not of itself constitute, and is to be taken never to have constituted, a reduction of the share capital of the company.
S. 97(2) inserted by No. 37/1999 s. 58(Sch. 1 item 1.14)
(2) Subsection (1) does not apply to a transfer made on or after the commencement of item 1.14 of Schedule 1 of the Financial Sector Reform (Victoria) Act 1999.
Pt 15
(Heading and ss 98–100) repealed by No. 12/1995 s. 14.
Endnotes
1 General information
See www.legislation.vic.gov.au for Victorian Bills, Acts and current Versions of legislation and up-to-date legislative information.
Minister's second reading speech‑
Legislative Assembly: 15 November 1990
Legislative Council: 28 November 1990
The long title for the Bill for this Act was "A Bill to apply certain provisions of laws of the Commonwealth relating to corporations, the securities industry and the futures industry as laws of Victoria and for other purposes.".
The Corporations (Victoria) Act 1990 was assented to on 11 December 1990 and came into operation as follows:
All of Act (except section 98(2)) on 1 January 1991: Special Gazette (No. 69) 21 December 1990 page 1; section 98(2) on 22 May 1991: Government Gazette 22 May 1991 page 1338.
INTERPRETATION OF LEGISLATION ACT 1984 (ILA)
Style changes
Section 54A of the ILA authorises the making of the style changes set out in Schedule 1 to that Act.
References to ILA s. 39B
Sidenotes which cite ILA s. 39B refer to section 39B of the ILA which provides that where an undivided section or clause of a Schedule is amended by the insertion of one or more subsections or subclauses, the original section or clause becomes subsection or subclause (1) and is amended by the insertion of the expression "(1)" at the beginning of the original section or clause.
Interpretation
As from 1 January 2001, amendments to section 36 of the ILA have the following effects:
• Headings
All headings included in an Act which is passed on or after 1 January 2001 form part of that Act. Any heading inserted in an Act which was passed before 1 January 2001, by an Act passed on or after 1 January 2001, forms part of that Act. This includes headings to Parts, Divisions or Subdivisions in a Schedule; sections; clauses; items; tables; columns; examples; diagrams; notes or forms. See section 36(1A)(2A).
• Examples, diagrams or notes
All examples, diagrams or notes included in an Act which is passed on or after 1 January 2001 form part of that Act. Any examples, diagrams or notes inserted in an Act which was passed before 1 January 2001, by an Act passed on or after 1 January 2001, form part of that Act. See section 36(3A).
• Punctuation
All punctuation included in an Act which is passed on or after 1 January 2001 forms part of that Act. Any punctuation inserted in an Act which was passed before 1 January 2001, by an Act passed on or after 1 January 2001, forms part of that Act. See section 36(3B).
• Provision numbers
All provision numbers included in an Act form part of that Act, whether inserted in the Act before, on or after 1 January 2001. Provision numbers include section numbers, subsection numbers, paragraphs and subparagraphs. See section 36(3C).
• Location of "legislative items"
A "legislative item" is a penalty, an example or a note. As from 13 October 2004, a legislative item relating to a provision of an Act is taken to be at the foot of that provision even if it is preceded or followed by another legislative item that relates to that provision. For example, if a penalty at the foot of a provision is followed by a note, both of these legislative items will be regarded as being at the foot of that provision. See section 36B.
• Other material
Any explanatory memorandum, table of provisions, endnotes, index and other material printed after the Endnotes does not form part of an Act.
See section 36(3)(3D)(3E).
2 Table of Amendments
This publication incorporates amendments made to the Corporations (Victoria) Act 1990 by Acts and subordinate instruments.
| Assent Date: | 6.11.91 |
| Commencement Date: | Pt 1 (ss 1–3), s. 19 on 6.11.91: s. 2(1); ss 4, 6, 15, 17 on 1.1.91: s. 2(2); rest of Act on 31.7.92: Government Gazette 29.7.92 p. 1971 |
| Assent Date: | 2.5.95 |
| Commencement Date: | Ss 1–3 on 2.5.95: s. 2(1); Pt 2 (ss 4–9) on 16.10.95: Government Gazette 12.10.95 p. 2856; rest of Act on 19.10.95: Government Gazette 19.10.95 p. 2916—see Interpretation of Legislation Act 1984 |
| Assent Date: | 8.6.99 |
| Commencement Date: | S. 58(Sch. 3 item 3) on 1.7.99: Special Gazette (No. 97) 30.6.99 p. 2; s. 58(Sch. 1 item 1) on 15.6.01: Government Gazette 14.6.01 p. 1273 |
| Assent Date: | 1.5.12 |
| Commencement Date: | S. 226(Sch. 5 item 7) on 26.11.12: Special Gazette (No. 384) 20.11.12 p. 1 |
Statute Law Revision Act 2012, No. 43/2012
| Assent Date: | 27.6.12 |
| Commencement Date: | S. 3(Sch. item 8) on 28.6.12: s. 2(1) |
Legal Profession Uniform Law Application Act 2014, No. 17/2014
| Assent Date: | 25.3.14 |
| Commencement Date: | S. 160(Sch. 2 item 22) on 1.7.15: Special Gazette (No. 151) 16.6.15 p. 1 |
| Current State: | This information relates only to the provision/s amending the Corporations (Victoria) Act 1990 |
Victoria Police Amendment (Consequential and Other Matters) Act 2014, No. 37/2014
| Assent Date: | 3.6.14 |
| Commencement Date: | S. 10(Sch. item 31) on 1.7.14: Special Gazette (No. 200) 24.6.14 p. 2 |
| Current State: | This information relates only to the provision/s amending the Corporations (Victoria) Act 1990 |
Oaths and Affirmations Act 2018, No. 6/2018
| Assent Date: | 27.2.18 |
| Commencement Date: | S. 68(Sch. 2 item 31) on 1.3.19: s. 2(2) |
Statute Law Revision Act 2025, No. 41/2025
| Assent Date: | 21.10.25 |
| Commencement Date: | S. 3(Sch. 1 item 12) on 22.10.25: s. 2 |
Pt 11 Div. 1 (Heading): The amendment proposed by section 30(10) of the Corporations (Ancillary Provisions) Act 2001, No. 43/2001 is not included in this publication due to the earlier amendment made by section 58
(Schedule 1 item 1.9) of the Financial Sector Reform (Victoria) Act 1999, No. 37/1999.
Section 30(10) reads as follows:
30 Amendment of Corporations (Victoria) Act 1990
(10) In the headings to Part 11, and to Divisions 1 and 2 of Part 11, of the Corporations (Victoria) Act 1990, for "ASC" (wherever occurring) substitute "ASIC". ↑