Shares previously issued to members are cancelled. Section 254Y of the Corporations Act 2001 requires a company to lodge a Form 484 within one month after the shares are cancelled
|From the Main Toolbar, go to Company.
|Select the Company from the list.
CAS 360 will display the Cancellations screen.
|Input the date of the cancellation
In the shareholder field, CAS 360 will display a list of the company's current shareholders
|CAS 360 will automatically prefil this field if there is a beneficial owner.
In the Share type field, CAS 360 will display a list of the share types the shareholder holds
Number of shares
|Input the relevant number of shares effected
Cancellation Amount Per Share
Input the amount the person will receive from the company for the each share cancelled.
Select the Type of Cancellation (see below for an explanation on types)
Note: Selecting Other will require you to enter a reason and a Corporations Act reference to explain the reason for the cancellation
CAS 360 will automatically select Transaction. Leave as is
Note: CAS will determine the most appropriate type of certificate for the current share transaction. If the person is transferring or redeeming their shares, CAS will determine that NO share certificate is required. If the person is transferring or redeeming some of their shares, CAS will determine that a BALANCE share certificate is required. Otherwise, CAS will select a TRANSACTION share certificate.
|Select the meeting status of the member which will appear on the Resolutions.
|Click to add extra notes to appear on the Register of Members
A company may, by resolution passed at a general meeting, cancel shares that have been forfeited under the terms on which the shares are on issue.
Shares returned to a public company
Shares returned to a public company - court order
Any reduction in a company's share capital because of an order under section 1325A is authorised by this subsection.
Other cancellations that will be authorised by the Corporations Act under the Provisions of s258E.
CAS 360 will display the Document Production screen and automatically select the documents required:
- Directors Meeting Minute or Resolution
- ASIC Form - Change to Company Details Form 484 Section C
- Registers – Members
- Share Certificates
- Allotment Journal (optional)
- Members Meeting Minute
- Members Consent
CAS 360 allows you to prepare documents and then notify ASIC through electronic lodgement via the Documents Screen. For more information on how to do so, click here.