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CORPORATIONS ACT 2001 - SECT 254H
Resolution to convert shares into larger or smaller
(1) A company may convert all or any of its shares into a larger or
smaller number of shares by resolution passed at a general meeting.
The variation of class rights provisions (sections 246B-246G) may
apply to the conversion.
(2) The conversion takes effect on:
- the day the resolution is passed; or
- a later date specified in the resolution.
(3) Any amount unpaid on shares being converted is to be divided equally among
the replacement shares.
(4) The company must lodge a copy of the resolution with ASIC within 1 month
after it is passed.
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