THE CORPORATIONS LAW

SCHEDULES

SCHEDULE 4

TRANSFER OF FINANCIAL INSTITUTIONS AND FRIENDLY SOCIETIES

Note:

See section 1465A.

PART 2 - TRANSFER TO CORPORATIONS LAW REGISTRATION

Division 2 - The consequences of the transfer

Subdivision B - Membership

Redeemable preference shares that were withdrawable shares  

15(1) 

This Law applies to a redeemable preference share that was a withdrawable share of a transferring financial institution of this jurisdiction immediately before the transfer date, except that:

(a)  the share is redeemable on the same terms that the withdrawable share was withdrawable under the Financial Institutions Code of this jurisdiction and the institution's rules or constitution; and

(b)  the holder of the share continues to have the same rights and obligations that they had by holding the withdrawable share.

15(2) 

The provisions of this Law that apply to redeemable preference shares apply:

(a)  subject to subclause (1), to redeemable preference shares of a company registered under clause 3; and

(b)  to redeemable preference shares of a company (other than a company referred to in paragraph (a)) that is permitted to use the expression building society , credit union or credit society under section 66 of the Banking Act 1959;

even if the shares are the only class of shares issued by the company.

15(3) 

For the purposes of this clause, this Law includes regulations made for the purposes of this Law.