Document ID: chunk:federal_register_of_legislation:C2023C00427:clause:2_18
Version: federal_register_of_legislation:C2023C00427
Segment Type: clause
Provision Reference: sch 2 cl 18
Character Range: 33468–34313

18  Reduction of a Medibank Private company's share capital
(1) This item applies to a reduction of a Medibank Private company's share capital if:
 (a) the reduction relates to the formulation, entering into, or carrying out, of a Medibank Private 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 the creditors of a Medibank Private company.
(3) The creditors of a Medibank Private company are not entitled to object to the reduction.
(4) The reduction does not have to be confirmed by a court.
(5) Subitems (2), (3) and (4) have effect despite anything in Part 2J.1 of the Corporations Act 2001.