CORPORATIONS ACT 2001 - SECT 254Y

(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 .

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.

1. Honest and reasonable mistake.

2. Factual dispute.