Banking Act 1959
As soon as practicable after an ADI issues shares, rights to acquire shares, or other capital instruments, in compliance with a recapitalisation direction, the ADI must give written notice to the persons who were members (under section 231 of the Corporations Act 2001 ) of the ADI just before the issue. (2)
The notice must:
(a) identify the issue; and
(b) explain the effect of the issue of the shares, rights to acquire shares, or other capital instruments on the members ' interests. Issue or acquisition of shares etc. despite other laws etc. (3)
An ADI may issue or acquire shares, rights to acquire shares, or other capital instruments, in compliance with a recapitalisation direction despite:
(a) the Corporations Act 2001 (without limiting the scope of section 70B of this Act); and
(b) the ADI ' s constitution; and
(c) any contract or arrangement to which the ADI is a party; and
(d) any listing rules of a financial market in whose official list the ADI is included.
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