Document ID: chunk:federal_register_of_legislation:C2004C01110:clause:4_17
Version: federal_register_of_legislation:C2004C01110
Segment Type: clause
Provision Reference: sch 4 cl 17
Character Range: 91988–93119

17  Share capital

Transfer of certain amounts to share capital

 (1) On registration of a transferring financial institution of this jurisdiction as a company under clause 3:
 (a) any amount of withdrawable share capital (within the meaning of the Financial Institutions Code of this jurisdiction); 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 becomes part of the company's share capital.

Use of amount standing to credit of share premium account

 (2) 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.