Commonwealth Consolidated Acts

NATIONAL BROADBAND NETWORK COMPANIES ACT 2011 - SECT 63

  (1)   This section applies to a reduction of NBN Co's share capital if:

  (a)   the reduction relates to the formulation, entering into, or carrying out, of an NBN Co sale scheme; and

  (b)   the reduction is part of an overall arrangement or plan that involves:

  (i)   the replacement of a particular type of share with one or more other types of share; and

  (ii)   the replacement of the reduced share capital.

  (2)   Notice of the reduction does not have to be given to NBN Co's creditors.

  (3)   NBN Co's creditors are not entitled to object to the reduction.

  (4)   The reduction does not have to be confirmed by a court.

  (5)   Subsections   (2), (3) and (4) have effect despite anything in Part   2J.1 of the Corporations Act 2001 .