Acis company registration order form

The Acis Constitution provides for multiple share classes. The private and public (limited by shares) companies’ share classes have the (summarised) rights set out below. While the full rights attached to all share classes are set out in the Constitution, the directors remain able to vary the share rights or add to them on the issue of any class of shares.

I Class, J Class & K Class shares have no Rights until the Directors declare that they have Rights. The Directors can only declare that they have dividend Rights. These shares are redeemable. Legal and taxation advice should be obtained prior to any dealing with dividend access shares.

Superannuation Trustee — A company that acts solely as the trustee of a regulated superannuation fund within the meaning of s19 of the Superannuation Industry (Supervision) ACT 1993 and whose constitution prohibits the distribution of its income or property among its members.

Home Unit — A proprietary company that is the proprietor of land on which a building is erected and divided into separate residential areas and areas for common usage; whose members are entitled to exclusive occupation of one or more of those areas and use of the common areas; and which operates solely to facilitate the rights of those members in relation to their exclusive occupation of those residential areas and maintenance of the common areas.

Charitable purpose only — A company whose constitution requires it to pursue charitable purposes only and to apply its income in promoting those purposes; and prohibits the company making distributions to its members and paying fees to its directors; and requires its directors to approve all other payments the company makes to them.

A Shareholders’ Agreement, while considered necessary in arm’s-length relationships, may be just as beneficial in related party shareholding situations.

Without a shareholders’ agreement there may be no way of resolving contentious issues between the various directors/ shareholders without going to Court. In addition, the process of preparing a governance agreement will present opportunities such as:

(a) determining what should happen when expectations are not met. Most people don’t consider that there might even be a down side let alone what happens when it transpires;

(b) committing to paper what the parties real intentions are rather than relying on the subjective recollections of the stakeholders;

(c) highlighting different intentions rather than assuming everyone else knows exactly what you mean when you say something; and

If you have any questions regarding the need for such an agreement (or the types of provisions included in them), please contact us when lodging your order.