Statute
Section 553AA — Corporations Act 2001: Selling shareholder cannot prove debt unless documents given
Text of the provision Official document
The selling shareholder in a share buy-back may claim in a winding up of the company but is not entitled to a distribution of money or property unless the shareholder has discharged the shareholder’s obligations to give documents in connection with the buy-back. Note: The selling shareholder’s claim ranks after those of non-member creditors and before those of other member creditors (see section 563AA).
Official source: Federal Register of Legislation
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