Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 254Y

             (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.

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 .