Document ID: chunk:federal_register_of_legislation:C2004A03722:body:0:p5
Version: federal_register_of_legislation:C2004A03722
Segment Type: other
Provision Reference: 
Character Range: 11526–14190

(2) Divisions 2 to 5 (inclusive) of Part II (other than section 33a) of the Principal Act are repealed.
(3) Division 1 of Part II of the Principal Act is repealed.

Officers etc. not to divulge contents of telecommunications
9. Section 33a of the Principal Act is amended by omitting from subsections (1) and (2) "the Commission" (wherever occurring) and substituting "OTC".
10. After Part II of the Principal Act the following Part is inserted:

"PART IIA—CREATION OF CAPITAL STRUCTURE AND OTHER STEPS PRIOR TO CONVERSION OF OTC INTO PUBLIC COMPANY

Share capital of OTC
"54a. (1) As from the commencement of this Part, OTC shall have a share capital.

"(2) The amount of the share capital shall be equal to the amount that subsection 54b (1) requires to be applied as mentioned in that subsection.
"(3) The share capital shall be divided into shares of $1 each.
"(4) As from the transition, this section has effect subject to the Companies Act 1981.

Issue of shares in OTC
"54b. (1) As soon as practicable after the commencement of this Part, OTC shall apply the capital that it has at that commencement in paying up, in full, shares in OTC.
"(2) If the amount of the capital is not a multiple of $1, subsection (1) applies as if the amount were reduced to the nearest multiple of $1.
"(3) As soon as practicable after complying with subsection (1), OTC shall issue the shares paid up under that subsection:
     (a) to the Commonwealth; or
     (b) to nominees of the Commonwealth;
as the Minister directs in writing.
"(4) The issue of shares under subsection (3) discharges in full OTC's obligations to repay the capital to the Commonwealth.
"(5) The shares issued under subsection (3) shall be taken 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 OTC at any time before the transition merely because the person holds shares in OTC.

OTC to apply to be registered as company etc.
"54c. (1) OTC shall, before the transition:
     (a) apply to the National Companies and Securities Commission under subsection 85 (1) of the Companies Act 1981 to be registered as a company limited by shares within the meaning of that Act;
     (b) apply to the National Companies and Securities Commission under subsection 55 (1) of the Companies Act 1981 for the reservation of the name 'OTC Limited'; and
     (c) lodge with the National Companies and Securities Commission a proposed memorandum, and proposed articles, for OTC.
"(2) The application mentioned in paragraph (1) (a) shall, subject to the regulations, be accompanied by the documents required by subsection 85 (4)