Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 167

Issue of shares by company or holding company—company limited by guarantee changing to company limited by shares

 
 
(1)
If: 
 
 
 
(a)
a company limited by guarantee changes type under this
Part to a company limited by shares; and

(b)
that company, or another company that beneficially owns all the
shares in that company, issues shares to a person who was a member of that
company immediately before the change of type took effect; 

 
the person becomes a member of the company issuing the shares
if:
 
 
(c)
the issue of the shares
is in accordance with the special resolution that accompanied the application
to change type under subparagraph 163(2)(a)(ii); and

(d)
the shares are fully paid up; and

(e)
the business, assets and liabilities of the issuing company
(together with its subsidiaries) when the shares are issued are substantially
the same as the business, assets and liabilities of the company changing type
(together with its subsidiaries) immediately before the change of type took
effect. 

 
 
(2)
If shares are issued according to this
section, a court is not to make an order reversing the issue of the shares.