CORPORATIONS ACT 2001 - SECT 259A Directly acquiring own shares

CORPORATIONS ACT 2001 - SECT 259A

    A company must not acquire shares (or units of shares) in itself except:

  (a)   in buying back shares under section   257A; or

  (b)   in acquiring an interest (other than a legal interest) in fully - paid shares in the company if no consideration is given for the acquisition by the company or an entity it controls; or

  (c)   under a court order; or

  (d)   in circumstances covered by subsection   259B(2) or (3).

Note:   For the criminal liability of a person dishonestly involved in a contravention of this section, see subsection   259F(3). Section   79 defines involved .