Document ID: chunk:federal_register_of_legislation:C2004C01110:clause:4_24
Version: federal_register_of_legislation:C2004C01110
Segment Type: clause
Provision Reference: sch 4 cl 24
Character Range: 97273–98086

24  Modifications of constitution

 (1) A company registered under clause 3 must modify its constitution before the end of the transition period so that the constitution:
 (a) gives effect to this Schedule; and
 (b) is consistent with this Law; and
 (c) sets out the rights and obligations attaching to each class of shares on issue, including shares that are taken to have been issued by a provision of this Schedule.

 (2) A company registered under clause 3 is not prevented from:
 (a) modifying its constitution to change the rights and obligations attaching to any membership shares on issue; or
 (b) redeeming any membership shares on issue and not providing for them in the constitution;
merely because 1 or more members of the company are deemed to have been issued with membership shares by clause 12.