From mccabes.com.au: Australian companies must have at least one member, and the rights and restrictions attached to shares can be determined by the Corporations Act, the company’s constitution, and any shareholder agreements.

Ordinary shares are the most common and typically grant holders rights to dividends, voting, and a return of capital, while preference shares offer preferential rights primarily related to dividends and capital return, with specific requirements outlined in the Corporations Act.

Companies have significant flexibility in structuring their share capital, but it is crucial to clearly document the rights attached to shares to avoid disputes and regulatory issues.