No liability companies—redemption of forfeited shares
254R No liability companies—redemption of forfeited shares
Despite section 254Q, if a person’s share has been forfeited, the person may redeem the share, at any time up to or on the last business day before the proposed sale, by paying the company:
all calls due on the share; and
if the company so requires:
a portion, calculated on a pro rata basis, of all expenses incurred by the company in respect of the forfeiture; and
a portion, calculated on a pro rata basis, of all costs and expenses of any proceeding that has been taken in respect of the forfeiture.
On payment, the person is entitled to the share as if the forfeiture had not occurred.
On the last business day before the proposed sale, the registered office of the company must be open during the hours for which it is by this Act required to be open and accessible to the public.
This Act’s bill:Explanatory memorandumSecond reading speech
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