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CORPORATIONS ACT 2001 - SECT 254J Redemption must be in accordance with terms of issue

CORPORATIONS ACT 2001 - SECT 254J

Redemption must be in accordance with terms of issue

  (1)   A company may redeem redeemable preference shares only on the terms on which they are on issue. On redemption, the shares are cancelled.

Note 1:   For the power to issue redeemable preference shares see paragraph   254A(1)(b) and subsections   254A(2) and (3).

Note 2:   For the criminal liability of a person dishonestly involved in a contravention of this section, see subsection   254L(3). Section   79 defines involved .

  (2)   This section does not affect the terms on which redeemable preference shares may be cancelled under a reduction of capital or a share buy - back under Part   2J.1.

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