Following the abolition of par value by the Company Law Review Act 1998 (Cth), a company may issue shares at any price it determines under s 254B of the Corporations Act 2001 (Cth), and articles of association requiring issue at par or at a premium have no operation or effect from 1 July 1998. A claim for unpaid share capital based on shares being issued below their former par value is untenable. A director does not, as a general rule, owe fiduciary duties to individual shareholders, and particular factual circumstances giving rise to such a duty must be pleaded.
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