THE CORPORATIONS LAW

CHAPTER 11 - APPLICATION AND TRANSITIONAL PROVISIONS

PART 11.2 - COMMENCEMENT AND APPLICATION OF CERTAIN CHANGES TO THIS LAW

Division 10A - Changes resulting from Schedule 5 to the Company Law Review Act 1998

SECTION 1449   SHARE CAPITAL-REFERENCES IN PRE-COMMENCEMENT CONTRACTS AND OTHER DOCUMENTS TO PAR VALUE  

1449(1)  [Purpose]  

This section applies for the purpose of interpreting and applying after commencement:

(a)  a contract entered into before commencement (including a company's constitution); or

(b)  a trust deed or other document executed before commencement.

1449(2)  [Par value]  

A reference to the par value of a share is taken to be a reference to:

(a)  if the share is issued before commencement - the par value of the share immediately before commencement; or

(b)  if the share is issued after commencement but shares of the same class were on issue immediately before commencement - the par value that the share would have had if it had been issued then; or

(c)  if the share is issued after commencement and shares of the same class were not on issue immediately before commencement - the par value determined by the directors.

A reference to share premium is taken to be a reference to any residual share capital in relation to the share.

1449(3)  [Right to a return of capital]  

A reference to a right to a return of capital on a share is taken to be a reference to a right to a return of capital of a value equal to the amount paid in respect of the share's par value.

1449(4)  [Aggregate par value]  

A reference to the aggregate par value of the company's issued share capital is taken to be a reference to that aggregate as it existed immediately before commencement and:

(a)  increased to take account of the par value of any shares issued after commencement; and

(b)  reduced to take account of the par value of any shares cancelled after commencement.