CORPORATIONS ACT 2001 - SECT 258F Reductions because of lost capital

CORPORATIONS ACT 2001 - SECT 258F

  (1)   A company may reduce its share capital by cancelling any paid - up share capital that is lost or is not represented by available assets.

  (2)   This power does not apply if:

  (a)   the company also cancels shares; or

  (b)   the cancellation of paid - up share capital is inconsistent with the requirements of any accounting standard.