Document ID: chunk:federal_register_of_legislation:C2012C00793:section:11
Version: federal_register_of_legislation:C2012C00793
Segment Type: section
Provision Reference: s 11
Character Range: 9805–11091

11  Issue of shares in transferring body

 (1) As soon as practicable after the commencement of this section, the transferring body shall apply the capital it has by virtue of section 30 of the Airlines Act in paying up in full shares in the body.

 (2) If the amount of the capital referred to in subsection (1) is not a multiple of 50 cents, that subsection applies as if that amount were reduced to the nearest multiple of 50 cents.

 (3) As soon as practicable after complying with subsection (1), the transferring body shall issue the shares paid up in full under that subsection:
 (a) to the Commonwealth;
 (b) to nominees of the Commonwealth; or
 (c) to the holding company;
as the Minister directs in writing.

 (4) The issue of shares under subsection (3) discharges in full the transferring body's obligations to repay to the Commonwealth the capital referred to in subsection (1).

 (5) The shares issued in accordance with subsection (3) shall be deemed to have been issued for valuable consideration other than cash, being the discharge effected by subsection (4).

 (6) A person is not a member of the transferring body at any time before the transition merely because the person holds shares in the body.

Part IV—Conversion of Australian Airlines to public company