A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

CORPORATIONS ACT 2001

SCHEDULE 4 - TRANSFER OF FINANCIAL INSTITUTIONS AND FRIENDLY SOCIETIES    View history reference

Note: See section 1465A.

[CCH Note: The reference to "section 1465A" is a reference to the former Corporations Law.]

PART 2 - FINANCIAL INSTITUTIONS THAT BECAME COMPANIES  

Division 3 - Share capital  

CLAUSE 17  - SHARE CAPITAL  

17(1)  Background (transfer of certain amounts to share capital).  


On registration of a transferring financial institution of a State or Territory as a company under clause 3 of the transfer provisions:


(a) any amount of withdrawable share capital (within the meaning of the Financial Institutions Code of the State or Territory); 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 became part of the company's share capital under clause 17 of the transfer provisions.

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.

 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page