New South Wales Consolidated Acts

LOAN FUND COMPANIES ACT 1976 - SECT 47

47 Cancellation of options and shares

(1) On the forfeiture or surrender of any option or shares under section 42 or 43, as the case may be, the option or shares shall be deemed to be cancelled.

(2) On the forfeiture or surrender, under section 42 or 43, of any shares in respect of which the holder has or had a vested loan entitlement (whether or not a loan has been made in respect of the shares), the vested loan entitlement is extinguished.