Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 834C

Transfer of shares

  (1)   A transfer of shares in a body corporate that is made during the statutory management of the body corporate is void except if:

  (a)   both:

  (i)   the statutory manager or the Reserve Bank gives written consent to the transfer; and

  (ii)   that consent is unconditional; or

  (b)   all of the following subparagraphs apply:

  (i)   the statutory manager or the Reserve Bank gives written consent to the transfer;

  (ii)   that consent is subject to one or more specified conditions;

  (iii)   those conditions have been satisfied; or

  (c)   the transfer is done to give effect to an action under section   833D (recapitalisation actions) by the statutory manager; or

  (d)   the transfer is done to give effect to a transfer under Division   4 (compulsory transfers).

Alteration in the status of members

  (2)   An alteration in the status of members of a body corporate that is made during the statutory management of the body corporate is void except if:

  (a)   both:

  (i)   the statutory manager or the Reserve Bank gives written consent to the alteration; and

  (ii)   that consent is unconditional; or

  (b)   all of the following subparagraphs apply:

  (i)   the statutory manager or the Reserve Bank gives written consent to the alteration;

  (ii)   that consent is subject to one or more specified conditions;

  (iii)   those conditions have been satisfied; or

  (c)   the alteration is done to give effect to an action under section   833D (recapitalisation actions) by the statutory manager; or

  (d)   the alteration is done to give effect to a transfer under Division   4 (compulsory transfers).

  (3)   As soon as practicable after an alteration in the status of members of a body corporate is made during the statutory management of the body corporate, the statutory manager must give a written notice:

  (a)   to the persons who were members of the body just before the alteration; and

  (b)   that:

  (i)   identifies the alteration; and

  (ii)   explains the effect of the alteration on the members' interests.

  (4)   A contravention of subsection   (3) does not affect the validity of the alteration.