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DUTIES ACT 2001 - SECT 161 Entitlement on distribution of corporation’s property

DUTIES ACT 2001 - SECT 161

Entitlement on distribution of corporation’s property

161 Entitlement on distribution of corporation’s property

(1) Subject to section 161B , the entitlement of a person on a distribution of a corporation’s property is the greater of the entitlement of the person as a shareholder, based on a distribution carried out—
(a) under the corporation’s constitution and the Corporations Act ; or
(b) after the person or the person’s representative, has, to maximise the person’s entitlement, exercised all powers and discretions to do all or any of the following—
(i) effect or compel a change of the corporation’s constitution;
(ii) vary the rights conferred by the shares in the corporation;
(iii) pay up any uncalled amount owing to the corporation for the shares;
(iv) satisfy conditions in the corporation’s constitution relating to the shares;
(v) effect or compel the substitution or replacement of shares in the corporation with other shares in the corporation.
(2) In this section—


"representative" , of another person, means someone who is accustomed, or under an obligation, or reasonably expected to act under the directions, instructions or wishes of the other person.