CORPORATIONS ACT 2001
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 20 - REFERENCES IN CONTRACTS AND OTHER DOCUMENTS TO PAR VALUE
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.
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.
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.
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.
[CCH Note: There is no Part 3. The next clause is cl 25.]