http://www.austlii.edu.au/cgi-bin/sinodisp/au/cases/nsw/NSWCA/2006/360.html?query=ca2001172%20s254u
Worth a read.makes it very clear that the legislation simply mirrors the common law and that once a dividend is declared a debt arises to the shareholders which cannot be revoked.
jurisdiction of lower courts, page-6
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