Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 1449

(1)

This section applies for the purpose of interpreting and applying after commencement:

(a) a contract entered into before commencement (including a company's constitution); or (b) a trust deed or other document executed before commencement.

(2)

A reference to the par value of a share is taken to be a reference to:

(a)

if the share is issued before commencement—the par value of the share immediately before commencement; or

(b)

if the share is issued after commencement but shares of the same class were on issue immediately before commencement—the par value that the share would have had if it had been issued then; or

(c)

if the share is issued after commencement and shares of the same class were not on issue immediately before commencement—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.

(3)

A reference to a right to a return of capital on a share 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.

(4)

A reference to the aggregate par value of the company's issued share capital is taken to be a reference to that aggregate as it existed immediately before commencement and:

(a)

increased to take account of the par value of any shares issued after commencement; and

(b)

reduced to take account of the par value of any shares cancelled after commencement.