Document ID: chunk:federal_register_of_legislation:C2004A03814:body:0:p8
Version: federal_register_of_legislation:C2004A03814
Segment Type: other
Provision Reference: 
Character Range: 18084–20685

Part, the proposed memorandum, and the proposed articles, lodged under paragraph 18c (1) (c):
     (a) are respectively the memorandum and articles of SMEC; and
     (b) bind SMEC and its members accordingly.
"(2) As from the commencement of this Part, the Companies Act 1981 applies in relation to SMEC's memorandum and articles as if they had been registered as such under that Act.

Membership of SMEC
"22. (1) Each person who holds shares in SMEC at the commencement of this Part becomes, by force of this subsection, a member of SMEC at that commencement.
"(2) A person referred to in subsection (1) is, in relation to membership of SMEC, entitled to the same rights, privileges and benefits, and is subject to the same duties, liabilities and obligations, as if the person had become a member of SMEC under SMEC's memorandum and articles.

Application of certain provisions of Companies Act
"23. (1) Where all the shares in SMEC are beneficially owned by the Commonwealth, subsection 82 (1) and paragraph 364 (1) (d) of the Companies Act 1981 do not apply in relation to SMEC and subsection 244 (6) of that Act applies in relation to SMEC as if:
     (a) the Commonwealth were a holding company, within the meaning of that subsection, of SMEC;
     (b) the Commonwealth held the whole of the issued shares in SMEC; and
     (c) the Minister were a representative of the Commonwealth authorised under subsection 244 (3) of that Act.

"(2) Paragraph 86 (6) (b) and subsections 87 (4) and 90 (5) of the Companies Act 1981 do not apply in relation to SMEC.
"(3) The Companies Act 1981 applies in relation to the account referred to in subsection 18b (6) as if the account were a share premium account referred to in section 119 of that Act.
"(4) For the purposes of section 360 of the Companies Act 1981, a person is not a past member of SMEC merely because he or she was a Director of SMEC or acted as a Director of SMEC before the commencement of this Part.

Accounting records
"24. For the purposes of the Companies Act 1981, accounts and records kept under section 63f of the Audit Act 1901 (as that section applied in relation to SMEC because of this Act) shall be taken to be accounting records kept by SMEC under a provision of a previous law of the Australian Capital Territory, being a provision corresponding to section 267 of the Companies Act 1981.

Accounts
"25. (1) This section has effect for the purposes of:
     (a) the Companies Act 1981; and
     (b) the Companies (Transitional Provisions) Act 1981 as it applies in relation to, and in relation to persons and matters associated