259A
In forceDirectly acquiring own shares
Volume 1Chapter 1, Part 1.1 to Chapter 2J, Part 2J.4 sections 1 to 260E
Chapter 2JTransactions affecting share capital
Part 2J.2Self‑acquisition and control of shares
259A Directly acquiring own shares
A company must not acquire shares (or units of shares) in itself except:
(a)
in buying back shares under section 257A; or
(b)
in acquiring an interest (other than a legal interest) in fully‑paid shares in the company if no consideration is given for the acquisition by the company or an entity it controls; or
(c)
under a court order; or
(d)
in circumstances covered by subsection 259B(2) or (3).
Note:
For the criminal liability of a person dishonestly involved in a contravention of this section, see subsection 259F(3). Section 79 defines involved.
This Act’s bill:Explanatory memorandumSecond reading speech
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