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Drg. What are Shares - Summary Corporate Law
Corporate Law (MLL221)
Deakin University
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Shares What is a share? What rights do shares confer? s 1070A Corporations Act Pilmer v The Duke Group HCA issued a share comprises a collection of rights and obligations relating to an interest in a comapny of an economic and proprietary character but not constituting a debt. A share... (a) is personal property and (b) is transferable or transmissible as provided : (i) the constitution (ii) the operating rules of a and and (c) is capable of devolution will or operation of law Rights Conferred Constitution Issue of shares The right to receive dividends Voting rights The right to receive information The right to share in the assests of the company on a dissolution A disticntion typically deals with: The appointment powers of directors The procedure for voting at meetings of directors and shareholders The procedure for declaring dividends of issue for certain classes of shares How shares can be transferred Rights conferred the CA Replaceable Rules Part 2M finacial reporting Part 2J buy backs and dealings with class rights Part 2F derivative action 2F oppression remedy Contract betweem company and shareholder Investor pays issue price Directors decide to issue shares May be special requirements Classes of Shares Other Variation of Remedie Class Rights s Companies can issue shares of different types that have different rights attached to each type of share. s 124(1)(a) power to issue shares s 254B(1) Power to Issue Different Classes of shares company may determine (a) the terms on which it shares are issued and (b) the rights and restrictions attaching to the How do classes differ? Entitlement to dividends in payment Voting Rights Priority in payment of capital on winding up to participate in distribution of surplus assests on winding up
Drg. What are Shares - Summary Corporate Law
Course: Corporate Law (MLL221)
University: Deakin University
