THE CORPORATIONS LAW

SCHEDULES

SCHEDULE 4

TRANSFER OF FINANCIAL INSTITUTIONS AND FRIENDLY SOCIETIES

Note:

See section 1465A.

PART 4 - THE TRANSITION PERIOD

Modifications of constitution  

24(1) 

A company registered under clause 3 must modify its constitution before the end of the transition period so that the constitution:

(a)  gives effect to this Schedule; and

(b)  is consistent with this Law; and

(c)  sets out the rights and obligations attaching to each class of shares on issue, including shares that are taken to have been issued by a provision of this Schedule.

24(2) 

A company registered under clause 3 is not prevented from:

(a)  modifying its constitution to change the rights and obligations attaching to any membership shares on issue; or

(b)  redeeming any membership shares on issue and not providing for them in the constitution;

merely because 1 or more members of the company are deemed to have been issued with membership shares by clause 12.