South Australian Consolidated Acts South Australian Consolidated Acts97—Certain land transfers by companies not to constitute reduction of
share capital
(1) Where land under
the operation of the Real Property Act 1886 is comprised in—
(a) a
strata plan deposited under the Strata Titles Act 1988 ; or
(aa) a
community plan deposited under the Community Titles Act 1996 ; or
(b) a
plan of division under Part 19AB of the Real Property Act 1886 ,
and, at the time the plan was deposited, filed or enrolled, the proprietor of
that land was a company, the transfer by the company of—
(c) a
unit on the strata plan; or
(ca) a
lot on the community plan; or
(d) an
allotment on the plan of division,
in exchange for or in satisfaction of a right of the kind referred to in
section 195(13) of the Corporations Law, does not of itself constitute, and is
to be taken never to have constituted, a reduction of the share capital of the
company.
(2)
Subsection (1) does not apply to a transfer made on or after the
commencement of section 9 of the Corporations (South Australia)
(Miscellaneous) Amendment Act 2000 .