Corporations Act 2001
SCHEDULE 4
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TRANSFER OF FINANCIAL INSTITUTIONS AND FRIENDLY SOCIETIES
PART 2
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FINANCIAL INSTITUTIONS THAT BECAME COMPANIES
Division 3
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Share capital
CLAUSE 18
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APPLICATION OF NO PAR VALUE RULE
18(1)
Section 254C applies to shares issued by a transferring financial institution of a State or Territory before the transfer date as well as shares issued on and after that.
18(2)
In relation to a share issued by the institution before the transfer date:
(a) the amount paid on the share is the sum of all amounts paid to the institution at any time for the share (but not including any premium); and
(b) the amount unpaid on the share is the difference between the issue price of the share (but not including any premium) and the amount paid on the share (see paragraph (a)).
Note: See section 1465A .
[ CCH Note: The reference to " section 1465A " is a reference to the former Corporations Law.]
Section 254C applies to shares issued by a transferring financial institution of a State or Territory before the transfer date as well as shares issued on and after that.
18(2)
In relation to a share issued by the institution before the transfer date:
(a) the amount paid on the share is the sum of all amounts paid to the institution at any time for the share (but not including any premium); and
(b) the amount unpaid on the share is the difference between the issue price of the share (but not including any premium) and the amount paid on the share (see paragraph (a)).
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