CORPORATIONS ACT 2001

SCHEDULE 4 - TRANSFER OF FINANCIAL INSTITUTIONS AND FRIENDLY SOCIETIES  

Note: See section 1465A.

PART 2 - FINANCIAL INSTITUTIONS THAT BECAME COMPANIES  

Division 3 - Share capital  

CLAUSE 20   - 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 commencement of this Act:


(a) a contract entered into by a transferring financial institution of a State or Territory 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.

Note: The interpretation and application of contracts and deeds before this Act commences was governed by clause 20 of the transfer provisions.

20(2)  
A reference to the par value of a share issued by a transferring financial institution of a State or Territory 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.


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