---
title: "Prepare the on-market buy-back timetable against the 10/12 limit"
url: "https://ailawframework.com/practice/capital-markets-and-securities-ecm-dcm-and-disclosure/prepare-the-on-market-buy-back-timetable-against-the-10-12-limit"
type: "task"
site: "AI Law Framework"
id: "A4-MO20261022-1"
practice_area: "Capital Markets & Securities — ECM/DCM and Disclosure"
tier: "yellow"
lawyer_review: "required"
last_reviewed: "2026-10-22"
---

# Prepare the on-market buy-back timetable against the 10/12 limit

> From the register and the last 12 months of buy-backs the lawyer identifies, calculate the 10/12 limit as section 257B(4) and (5) state it, and list the procedure steps in the section 257B table for an on-market…

Canonical page: https://ailawframework.com/practice/capital-markets-and-securities-ecm-dcm-and-disclosure/prepare-the-on-market-buy-back-timetable-against-the-10-12-limit  
Last reviewed: 2026-10-22

Site index for agents: https://ailawframework.com/llms.txt

## Key facts

| Fact | Value |
| --- | --- |
| Practice area | [Capital Markets & Securities — ECM/DCM and Disclosure](https://ailawframework.com/practice/capital-markets-and-securities-ecm-dcm-and-disclosure.md) |
| Human involvement | Yellow: Lawyer and AI draft together |
| How AI is used | From the register and the last 12 months of buy-backs the lawyer identifies, calculate the 10/12 limit as section 257B(4) and (5) state it, and list the procedure steps in the section 257B table for an on-market buy-back within the limit and over the limit. Name ASIC Form 280 or Form 281 only where the ASIC buy-back page assigns that form. Do not decide which side of the limit this buy-back is on. |
| What the lawyer must review | The lawyer decides whether the buy-back is within the 10/12 limit, whether an ordinary resolution is required, which form is lodged, and that the company will remain solvent. The lawyer checks the vote count. |
| Written for / versions | 1 jurisdiction versions below |

## Checking plan

**Source-by-source verification**

Check the arithmetic against s 257B(4) and (5), and the form against the ASIC page.

- What the AI does: From the register and the last 12 months of buy-backs the lawyer identifies, calculate the 10/12 limit as section 257B(4) and (5) state it, and list the procedure steps in the section 257B table for an on-market buy-back within the limit and over the limit. Name ASIC Form 280 or Form 281 only where the ASIC buy-back page assigns that form. Do not decide which side of the limit this buy-back is on.
- What the lawyer does: The lawyer decides whether the buy-back is within the 10/12 limit, whether an ordinary resolution is required, which form is lodged, and that the company will remain solvent. The lawyer checks the vote count.
- Who reviews: Responsible lawyer with competence in the matter
- Basis: Practical workflow informed by the linked primary sources; the traffic light and working checks are editorial guidance, not a court classification.
- Why: The level reflects what the work is, the consequence of an error, and how much of the output the lawyer must independently re-derive.

## Checks the lawyer makes

1. The 10/12 limit is 10 per cent of the smallest number, at any time in the last 12 months, of votes attaching to voting shares. It is not 10 per cent of today's issued capital.
2. On the s 257B table opened, an on-market buy-back needs 14 days' notice under s 257F on both sides of the limit. An ordinary resolution and lodgement of offer documents under s 257E are marked for the over-the-limit column.
3. ASIC's page says Form 281 is lodged for an on-market buy-back within the 10/12 limit, and Form 280 where shareholders must approve, at least 14 days before the agreement or the resolution. The lawyer reconciles the form with the Act.
4. Cancellation is notified within 28 days through the company officeholder portal, as the ASIC page states. Solvency is the directors' duty. The tool does not clear it.

## Notes

- These are suggested working checks. Confirm the required checking with the responsible lawyer before work starts; the checking approach does not establish permission to use AI.

## Sources

- [Corporations Act 2001 s 257B](https://www5.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s257b.html) (checked 2026-10-22)
- [ASIC: Company share buy-backs](https://www.asic.gov.au/for-business-and-companies/companies/company-share-and-shareholder-rules-and-changes/company-share-buy-backs) (checked 2026-10-22)

## Jurisdiction versions

| Jurisdiction | Level |
| --- | --- |
| [United States](https://ailawframework.com/practice/capital-markets-and-securities-ecm-dcm-and-disclosure/prepare-the-on-market-buy-back-timetable-against-the-10-12-limit/united-states.md) | Yellow |

*Practice guidance for planning and review. Confirm current primary sources and the requirements of the actual matter. This is general information, not legal advice.*