Document ID: chunk:federal_register_of_legislation:C2004A03722:body:0:p7
Version: federal_register_of_legislation:C2004A03722
Segment Type: other
Provision Reference: 
Character Range: 16378–18934

the commencement of this Part:
         (i) by the name 'OTC Limited'; and
         (ii) in accordance with subsections 86 (3) and (4) of that Act, as a public company, and as a company limited by shares, within the meaning of that Act; and
     (d) to have registered the name 'OTC Limited' in relation to OTC at the commencement of this Part, under subsection 55 (4) of the Companies Act 1981.

"(2) The date of commencement of OTC's registration as a company under Division 4 of Part III of the Companies Act 1981 shall be taken to be the day of commencement of this Part.
"(3) For the purposes of Division 4 of Part III of the Companies Act 1981, OTC shall be taken to have been on the day before the commencement of this Part, and to be at that commencement, a corporation within the meaning of that Act.

Memorandum and articles of OTC
"54f. (1) As from the commencement of this Part, the proposed memorandum, and the proposed articles, lodged under paragraph 54c (1) (c):
     (a) are respectively the memorandum, and the articles, of OTC; and
     (b) bind OTC and its members accordingly.
"(2) As from the commencement of this Part, the Companies Act 1981 applies in relation to OTC's memorandum and articles as if they had been registered as such under that Act.

Membership of OTC
"54g. (1) A person who immediately before the commencement of this Part was, or was acting as, a member of OTC ceases at that commencement to be, or to act as, such a member.
"(2) Each person who holds shares in OTC at the commencement of this Part becomes, by force of this subsection, a member of OTC at that commencement.
"(3) A person referred to in subsection (2) is, in relation to membership of OTC, 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 OTC under OTC's memorandum and articles.

Application of certain provisions of Companies Act
"54h. (1) Where all the shares in OTC 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 OTC, and subsection 244 (6) of that Act applies in relation to OTC as if:
     (a) the Commonwealth were a holding company, within the meaning of that subsection, of OTC;
     (b) the Commonwealth held the whole of the issued shares in OTC; 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