ARTICLE · 15 JULY 1998

Company Law Review Act 1998 - Radical Changes

Minter Ellison

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AustraliaEmployment and HR

From 1 July 1998 Australian company law was fundamentally changed by the Company Law Review Act 1998. This is a summary of some of the changes which have practical implications for companies.

SHARE CAPITAL

Shares no longer have nominal or par values. A company limited by shares does not have an authorised or nominal share capital.

There is no limit on the number of shares which a company can issue (this was previously limited by a company's authorised capital). As an exception, a company can place a limit on share issues if, before 30 September 1998, 100 members or members holding 5% of votes serve a notice on the company requiring the company to include a provision to this effect in its constitution.

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