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Notice to ASIC of Share Cancellation

Other (inc. Computer Offences) – VIC

Welcome to the VIC Notice to ASIC of share cancellation article page. Everything you need to know about Notice to ASIC of share cancellation according to VIC law.

What the Law States according to VIC Law for Notice to ASIC of share cancellation

According to VIC Law for the charge of Notice to ASIC of share cancellation,

Corporations Act 2001 – SECT 254Y
Notice to ASIC of share cancellation

(1) Within 1 month after shares are cancelled, the company must lodge with ASIC a notice in the prescribed form that sets out:

(a) the number of shares cancelled; and

(b) any amount paid by the company (in cash or otherwise) on the cancellation of the shares; and

(c) if the shares are cancelled following a share buy-back–the amount paid by the company (in cash or otherwise) on the buy-back; and

(d) if the company has different classes of shares–the class to which each cancelled share belonged.

Note: Provisions under which shares are cancelled include section 254J (redeemable preference shares), section 256B (capital reductions), subsection 257H(3) (shares a company has bought back), section 258D (forfeited shares), and subsections 258E(2) and (3) (shares returned to a company).

(2) An offence based on subsection (1) is an offence of strict liability.

Note: For strict liability , see section 6.1 of the Criminal Code.

The Maximum Penalty – Notice to ASIC of share cancellation

According to VIC Law for the charge of Notice to ASIC of share cancellation, 5 penalty units.

What the Police must prove according to VIC Law for Notice to ASIC of share cancellation

1. Shares in the company have been cancelled.
2. One month has passed since the shares were cancelled.
3. A notice has not been filed with ASIC, or has been filed but does not contain the required information.

Possible Defences under VIC Law – Notice to ASIC of share cancellation

1. Honest and reasonable mistake
2. Factual dispute

In VIC which court will hear the matter – Notice to ASIC of share cancellation

Magistrates’ Court

 

Date: 09/01/2009

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