Commentary

47.2 What are not restricted securities

COMPANIES vol 11 acquisitions, mergers, demergers
| Commentary

47.2 What are not restricted securities

| Commentary

47.2 What are not restricted securities

Certain provisions will not make employment-related securities into restricted securities, for example1:

  1. 47.2.1

        a provision that the securities (being unpaid or partly paid shares) may be forfeited for non-payment of calls (and there is no restriction on the meeting of calls by the person by whom they are held); or

  2. 47.2.2

        a requirement to offer for sale or transfer the employment-related securities on the employee ceasing to be employed by the employer or a person connected with the employer as a result of misconduct2.

The above exceptions do not apply

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