Document ID: chunk:federal_register_of_legislation:C2004A04008:body:0:p8
Version: federal_register_of_legislation:C2004A04008
Segment Type: other
Provision Reference: 
Character Range: 23385–25933

(4) of the Companies Act 1981, as a public company, and as a company limited by shares, within the meaning of that Act; and

    (d) to have registered the name 'Commonwealth Serum Laboratories Limited' in relation to CSL at the commencement of this Part, under subsection 55 (4) of the Companies Act 1981.

"(2) The date of commencement of CSL's registration as a company under Division 4 of Part III of the Companies Act 1981 is to 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, CSL 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 CSL

"44g. (1) As from the commencement of this Part, the proposed memorandum, and the proposed articles, lodged under paragraph 44c (1) (c):

  (a) are respectively the memorandum, and the articles, of CSL; and

  (b) bind CSL and its members accordingly.

"(2) As from the commencement of this Part, the Companies Act 1981 applies in relation to CSL's memorandum and articles as if they had been registered as such under that Act.

Membership of CSL

"44h. (1) A person who immediately before the commencement of this Part was, or was acting as, a member of CSL, ceases at that commencement to be, or to act as, such a member.

"(2) Each person who holds shares in CSL at the commencement of this Part becomes, by force of this subsection, a member of CSL at that commencement.

"(3) A person referred to in subsection (2) is, in relation to membership of CSL, 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 CSL under CSL's memorandum and articles.

Application of certain provisions of Companies Act

"44j. (1) Where all the shares in CSL 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 CSL and subsection 244 (6) of that Act applies as if:

    (a) the Commonwealth were a holding company, within the meaning of that subsection, of CSL; and

    (b) the Commonwealth held the whole of the issued shares in CSL; 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 CSL.

"(3) For the purposes of section 360 of