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

References in contracts and other documents to par value  

20(1) 

This clause applies for the purpose of interpreting and applying the following after the transfer date:

(a)  a contract entered into by a transferring financial institution of this jurisdiction before the transfer date (including the institution's constitution)

(b)  a trust deed or other document executed by or in relation to the institution before the transfer date.

20(2) 

A reference to the par value of a share issued by a transferring financial institution of this jurisdiction is taken to be a reference to:

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

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

(c)  if the share is issued on or after the transfer date and shares of the same class were not on issue immediately before then - 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.

20(3) 

A reference to a right to a return of capital on a share issued by the institution 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.

20(4) 

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

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

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