Queensland Consolidated Acts

DUTIES ACT 2001 - SECT 161

(1) Subject to section 161B, the entitlement of a person on a distribution of a corporation's property is the greater of the entitlement of the person as a shareholder, based on a distribution carried out—

(a) under the corporation's constitution and the Corporations Act; or

(b) after the person or the person's representative, has, to maximise the person's entitlement, exercised all powers and discretions to do all or any of the following—

(i) effect or compel a change of the corporation's constitution;

(ii) vary the rights conferred by the shares in the corporation;

(iii) pay up any uncalled amount owing to the corporation for the shares;

(iv) satisfy conditions in the corporation's constitution relating to the shares;

(v) effect or compel the substitution or replacement of shares in the corporation with other shares in the corporation.

(2) In this section—

representative, of another person, means someone who is accustomed, or under an obligation, or reasonably expected to act under the directions, instructions or wishes of the other person.