Cancellation of Shares

  • Updated

Details

Shares previously issued to members are cancelled. 

Navigation

 

From the Main Toolbar, go to Company.

Select the Company from the list.

Select Shareholders

Click

Select Cancellations

Instructions

CAS 360 will display the Cancellations screen.

 Field
Explanation 
Transaction Date
 Input the date of the cancellation
Shareholder

In the shareholder field, CAS 360 will display a list of the company's current shareholders
Beneficial Owner CAS 360 will automatically prefill this field if there is a beneficial owner.
Share Type

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.
Cancellation Type

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
Certificate Type

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.
Meeting Status Select the meeting status of the member which will appear on the Resolutions.
Notes Click to add extra notes to appear on the Register of Members

Click 

Cancellation Types

Forfeited Shares
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

A company may cancel shares returned to it and any reduction in the company's share capital that is involved

Shares returned to a public company - court order

Any reduction in a company's share capital because of an order

Other

Other cancellations that will be authorised by the relevant legislature

Forms Prepared

CAS 360 will display the Document Production screen and automatically select the documents required:

  • Cover Letter (optional)
  • Form SH06 - Notice of Cancellation of Shares
  • Register of Members
  • Allotment Journal (optional)
  • Directors Minutes or Resolution
  • Notice of Members Meeting
  • Members Minutes or Resolution
  • Members Consent
  • Share Certificate

Can't find what you're looking for?

How can we improve this article for you?