Document ID: chunk:federal_register_of_legislation:C2004A00901:clause:2_2
Version: federal_register_of_legislation:C2004A00901
Segment Type: clause
Provision Reference: sch 2 cl 2
Character Range: 16241–17380

2  After subsection 160ARDM(2)
Insert:

 (2A) This subsection applies to an amount transferred into the company's share capital account if:
 (a) the company is a resident; and
 (b) immediately before the transfer, the company was not incorporated under the Corporations Law; and
 (c) a law of the Commonwealth or of a State or Territory requires or allows either or both of the following to become part of the company's share capital account:
 (i) the company's share premium account;
 (ii) the company's capital redemption reserve; and
 (d) the transfer is made as part of a process that leads to there being no shares in the company that have a par value; and
 (e) the amount was an amount standing to the credit of the company's share premium account or capital redemption reserve immediately before the transfer.

Note: The definition of share premium account in subsection 6(1) of this Act was repealed in relation to companies with shares with no par value (see items 5 and 67 in Schedule 5 to the Taxation Laws Amendment (Company Law Review) Act 1998). However, it has been retained in relation to companies with par value shares.