Commonwealth Consolidated Acts

TELSTRA CORPORATION ACT 1991 - SECT 8AV

             (1)  This section applies to a reduction of Telstra's share capital if:

                     (a)  the reduction relates to the formulation, entering into, or carrying out, of a Telstra sale scheme; and

                     (b)  the reduction is part of an overall arrangement or plan that involves:

                              (i)  the replacement of a particular type of share with one or more other types of share; and

                             (ii)  the replacement of the reduced share capital.

             (2)  Notice of the reduction does not have to be given to Telstra's creditors.

             (3)  Telstra's creditors are not entitled to object to the reduction.

             (4)  The reduction does not have to be confirmed by a court.

             (5)  Subsections (2), (3) and (4) have effect despite anything in Part 2J.1 of the Corporations Act 2001 .