sec.161Entitlement on distribution of corporation’s property

### sec.161 Entitlement on distribution of corporation’s property Subject to section 161B , the entitlement of a person on a distribution of a corporation’s property is the greater of the entitlement of the person as a shareholder, based on a distribution carried out— under the corporation’s constitution and the Corporations Act ; or after the person or the person’s representative, has, to maximise the person’s entitlement, exercised all powers and discretions to do all or any of the following— effect or compel a change of the corporation’s constitution; vary the rights conferred by the shares in the corporation; pay up any uncalled amount owing to the corporation for the shares; satisfy conditions in the corporation’s constitution relating to the shares; effect or compel the substitution or replacement of shares in the corporation with other shares in the corporation. In this section— representative , of another person, means someone who is accustomed, or under an obligation, or reasonably expected to act under the directions, instructions or wishes of the other person. s 161 amd 2011 No. 20 s 71 (sec.161-ssec.1) Subject to section 161B , the entitlement of a person on a distribution of a corporation’s property is the greater of the entitlement of the person as a shareholder, based on a distribution carried out— under the corporation’s constitution and the Corporations Act ; or after the person or the person’s representative, has, to maximise the person’s entitlement, exercised all powers and discretions to do all or any of the following— effect or compel a change of the corporation’s constitution; vary the rights conferred by the shares in the corporation; pay up any uncalled amount owing to the corporation for the shares; satisfy conditions in the corporation’s constitution relating to the shares; effect or compel the substitution or replacement of shares in the corporation with other shares in the corporation. (sec.161-ssec.2) In this section— representative , of another person, means someone who is accustomed, or under an obligation, or reasonably expected to act under the directions, instructions or wishes of the other person. - (a) under the corporation’s constitution and the Corporations Act ; or - (b) after the person or the person’s representative, has, to maximise the person’s entitlement, exercised all powers and discretions to do all or any of the following— (i) effect or compel a change of the corporation’s constitution; (ii) vary the rights conferred by the shares in the corporation; (iii) pay up any uncalled amount owing to the corporation for the shares; (iv) satisfy conditions in the corporation’s constitution relating to the shares; (v) effect or compel the substitution or replacement of shares in the corporation with other shares in the corporation. - (i) effect or compel a change of the corporation’s constitution; - (ii) vary the rights conferred by the shares in the corporation; - (iii) pay up any uncalled amount owing to the corporation for the shares; - (iv) satisfy conditions in the corporation’s constitution relating to the shares; - (v) effect or compel the substitution or replacement of shares in the corporation with other shares in the corporation. - (i) effect or compel a change of the corporation’s constitution; - (ii) vary the rights conferred by the shares in the corporation; - (iii) pay up any uncalled amount owing to the corporation for the shares; - (iv) satisfy conditions in the corporation’s constitution relating to the shares; - (v) effect or compel the substitution or replacement of shares in the corporation with other shares in the corporation.