Document ID: chunk:federal_register_of_legislation:C2025C00185:section:601bp
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 601BP
Character Range: 2210297–2211310

601BP  Bearer shares
 (1) A bearer of a bearer share in a company registered under this Part may surrender the share to the company. The company must:
 (a) cancel the share; and
 (b) include the bearer's name in the company's register of members.
 (1A) An offence based on subsection (1) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.
 (2) The company is liable to compensate anyone who suffers a loss because the company includes the bearer's name in the company's register of members despite the fact that:
 (a) the share was not surrendered to the company; or
 (b) the company failed to cancel the share.
 (3) Subject to this section, the constitution of a company registered under this Part may provide that the bearer of a bearer share in the company is taken to be a member of the company for all purposes or for specified purposes.
Note: A body must not issue bearer shares after it is registered as a company under this Part (see paragraph 254F(a)).