Document ID: chunk:federal_register_of_legislation:C2012C00766:section:8
Version: federal_register_of_legislation:C2012C00766
Segment Type: section
Provision Reference: s 8
Character Range: 6346–7118

8  Issue of shares in Company

 (1) In this section:

minimum share capital means the minimum amount that, under the Corporations Act 2001, may be the share capital (made up of shares of $1 each) of a company registered as a public company limited by shares.

 (3) As soon as it is practicable for the Company to do so, the Company must apply that amount in paying up, in full, shares in the Company.

 (4) As soon as practicable after complying with subsection (3), the Company must 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.

 (5) A person is not a member of the Company at any time before the transition merely because the person holds shares in the Company.