Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 163

Applying for change of type

 
Lodging application
 
 
(1)
To change its
type, a company must lodge an application with ASIC. 
 
 
Contents
of the application
 
 
(2)
The application must be
accompanied by the following: 
 
 

(a)
a copy of: 

 
 
(i)
the
special resolution that resolves to change the type of the company, specifies
the new type and the company's new name (if a change of name is necessary);
and

(ii)
any other special resolution passed in connection with the
change of type 

 
 
(b)
for a company
limited by guarantee changing to a company limited by shares: 

 
 
(i)
a
statement signed by the directors of the company that in their opinion the
company's creditors are not likely to be materially prejudiced by the change
of type and that sets out their reasons for that opinion; and

(ii)
any special resolution dealing with an issue of shares according
to section 167 

 
 
(c)
for a company
limited by shares or a company limited by guarantee changing to an unlimited
company: 

 
 
(i)
an
assent to the change of type in the prescribed form signed by all the members
of the company; and

(ii)
a statement signed by a director or a company secretary of the
company that all the members of the company have signed the assent


 
 
(d)
for a
proprietary company changing to a public company: 

 
 
(i)
a
consolidated copy of the company's constitution (if any) as at the date of
lodgment; and

(ii)
a copy of each document (including an agreement or consent) or
resolution that is necessary to ascertain the rights attached to issued or
unissued shares of the company. 

 
 Note 1: The company must
lodge a copy of any special resolution modifying its constitution passed after
the application is lodged (see subsection 136(5)).


Note 2: The company must lodge information relating to any change of rights
attached to its shares, or any division or conversion of its shares into new
classes, occurring after the application is lodged (see section 246F).


 
Company limited by guarantee to company limited by shares
 
(3)
If shares will be issued to persons under
paragraph 166(2)(c) on the change of type from a company limited by guarantee
to a company limited by shares, the application must state: 
 
 
 
(a)
that the company has prepared a
list that sets out the following details about each person to whom the shares
will be issued: 

 
 
(i)
name
and address

(ii)
the number and class of shares the person will take
up

(iii)
the amount (if any) the person will pay for the
shares

(iv)
the amount (if any) that will be unpaid on the shares; and


 
 
(b)
the number and
class of shares those persons will take up; and

(c)
the amount (if any) those persons will pay for the shares;
and

(ca)
the amount (if any) that will be unpaid on the shares;
and

(d)
if the shares will be issued for non-cash consideration—the
prescribed particulars about the issue of the shares, unless the shares will
be issued under a written contract and a copy of the contract is lodged with
the application; and

(e)
that each of those persons who is not a member of the company
when the application is made consents in writing to the inclusion in the list
of the details about them that are referred to in paragraph (a). 

 
The shares may be issued to existing members only, to new
members only or to existing and new members.
 
 Note: An offer of shares associated with a proposed change of type may
need disclosure to investors under Part 6D.2 (see sections 706, 707 and 708).


 
 
(4)
The application must be in the prescribed
form.


(5)
The company must have the consents referred to in paragraph
(3)(e) (if any) when the application is lodged. The company must keep the
consents.