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 C - Share capital

Share capital  

17(1)  Transfer of certain amounts to share capital  

On registration of a transferring financial institution of this jurisdiction as a company under clause 3:

(a)  any amount of withdrawable share capital (within the meaning of the Financial Institutions Code of this jurisdiction); and

(b)  any amount standing to the credit of its share premium account; and

(c)  any amount standing to the credit of its capital redemption reserve;

immediately before the transfer date becomes part of the company's share capital.

17(2)  Use of amount standing to credit of share premium account  

The company may use the amount standing to the credit of its share premium account immediately before the transfer date (if any) to:

(a)  provide for the premium payable on redemption of debentures or redeemable preference shares issued before the transfer date; or

(b)  write off:

(i) the preliminary expenses of the institution incurred before the transfer date; or

(ii) expenses incurred, payments made, or discounts allowed before the transfer date, in respect of any issue of shares in, or debentures of, the institution.