Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) For the purposes of section 588G, if a CCIV takes action set out in column 1 of an item of the following table, it incurs a debt at the time set out in column 2 of the item.
When debts are incurred | ||
Item | Column 1 | Column 2 |
1 | redeeming redeemable shares that are redeemable only at its option | when the company exercises the option |
2 | issuing redeemable shares that are issued on terms that they are liable to be redeemed otherwise than only at its option | |
3 | converting under section 1230C a share that is not a redeemable share into a share that is liable to be redeemed otherwise than only at its option | when the shares are converted |
(2) This section has effect in relation to a CCIV in addition to the table set out in subsection 588G(1A).