Document ID: chunk:federal_register_of_legislation:C2004A00360:section:7
Version: federal_register_of_legislation:C2004A00360
Segment Type: section
Provision Reference: s 7
Character Range: 3792–4630

7  Issue of B Class shares to holders of Fund units

 (1) At the transfer time:
 (a) B Class shares in nominated company A are taken to be issued to the persons who held Fund units immediately before the transfer time, at the rate of one B Class share in respect of each Fund unit; and
 (b) those Fund units are extinguished.

Note: B Class shares are provided for in the constitution of nominated company A.

 (2) Each person to whom shares are issued under subsection (1) becomes a member of nominated company A, and is taken to have consented to be a member of the company.

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

 (4) Nothing in this section prevents the issue of additional B Class shares in accordance with the constitution of nominated company A.