CORPORATIONS ACT 2001 - SECT 553AA Selling shareholder cannot prove debt unless documents given

CORPORATIONS ACT 2001 - SECT 553AA

    The selling shareholder in a share buy - back may claim in a winding up of the company but is not entitled to a distribution of money or property unless the shareholder has discharged the shareholder's obligations to give documents in connection with the buy - back.

Note:   The selling shareholder's claim ranks after those of non - member creditors and before those of other member creditors (see section   563AA).