Document ID: chunk:federal_register_of_legislation:C2004A02940:body:0:p8
Version: federal_register_of_legislation:C2004A02940
Segment Type: other
Provision Reference: 
Character Range: 18359–20874

a share capital.
"(2) Subject to sub-section (6), the amount of the share capital of the Savings Bank shall be an amount equal to the aggregate of the amounts required by sub-section (4) to be applied as mentioned in the last-mentioned sub-section.
"(3) The share capital of the Savings Bank shall be divided into shares of $1 each.
"(4) As soon as practicable after 30 June 1984, the Savings Bank shall apply–
    (a) so much of the amount standing to the credit of the Commonwealth Savings Bank Reserve Fund at the end of 30 June 1984 as exceeds $20,000,000;
    (b) the amount standing to the credit of the Contingencies Reserve of the Savings Bank at the end of 30 June 1984; and
    (c) the amount standing to the credit of the Capital Reserve of the Savings Bank at the end of 30 June 1984, in paying up in full shares in the capital of the Savings Bank.
"(5) Upon compliance by the Savings Bank with sub-section (4)—
    (a) the shares in the capital of the Savings Bank paid up in full in accordance with that sub-section shall be deemed to have been issued by the Savings Bank to the Commonwealth Bank; and
    (b) the Commonwealth Bank holds those shares as legal and beneficial owner.
"(6) The Board may, at any time after the Savings Bank has complied with sub-section (4)—
    (a) increase the share capital of the Savings Bank by a specified amount; or
    (b) cancel a specified number of shares in the capital of the Savings Bank that are not the subject of a direction under sub-section (7) and reduce the amount of the share capital of the Savings Bank by the amount of the shares so cancelled.
"(7) The Board may, at any time after the Savings Bank has complied with sub-section (4), direct the Savings Bank to issue to the Commonwealth Bank a specified number of shares in the capital of the Savings Bank, and where the Board so directs and the Commonwealth Bank pays to the Savings Bank, as subscription moneys in respect of the shares, an amount equal to the nominal value of the shares—
    (a) the shares shall be deemed to have been issued by the Savings Bank to the Commonwealth Bank; and
    (b) the Commonwealth Bank holds the shares as legal and beneficial owner.
"(8) The Board may, at any time after the Savings Bank has complied with sub-section (4), direct the Savings Bank to apply the whole or a specified part of the amount standing to the credit of the Commonwealth Savings Bank Reserve Fund in paying up in full unissued shares in the capital of the Savings Bank, and where the