Document ID: chunk:federal_register_of_legislation:C2004A03814:body:0:p5
Version: federal_register_of_legislation:C2004A03814
Segment Type: other
Provision Reference: 
Character Range: 10782–13396

do all things necessary or convenient to be done for, or in connection with, the performance of a function referred to in subsection 17 (1).
"(2) Subsection (1) shall not be taken to limit by implication any power that SMEC has apart from that subsection.
"(3) This section has effect subject to the Companies Act 1981 and to SMEC's memorandum and articles.".

11. After Part III of the Principal Act the following Part is inserted:

"PART IIIA—CREATION OF CAPITAL STRUCTURE AND OTHER STEPS PRIOR TO CONVERSION OF SMEC INTO A PUBLIC COMPANY

Share capital of SMEC
"18a. (1) As from the commencement of this Part, SMEC shall have a share capital divided into shares of $1 each.
"(2) As soon as practicable after the commencement of this Part, the Minister shall determine, in writing, whether SMEC is to issue shares under section 18b at par or at a premium per share of a specified amount.
"(3) The amount of SMEC's share capital shall be the number of whole dollars in the amount ascertained in accordance with the formula:
where:
Issue Price is the number of dollars in the amount that is the sum of:
        (a) $1, being the nominal value of each of SMEC's shares; and
        (b) the amount of the premium per share (if any) determined under subsection (2).
"(4) As from the transition, this section has effect subject to the Companies Act 1981.

Issue of shares
"18b. (1) As soon as practicable after the determination under subsection 18a (2) is made, SMEC shall apply an amount equal to the amount of its share capital in paying up, in full, shares in SMEC.
"(2) As soon as practicable after complying with subsection (1), SMEC 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.
"(3) The issue of shares under subsection (2) discharges in full SMEC's obligations to repay to the Commonwealth the capital that SMEC has by virtue of section 41.
"(4) The shares issued under subsection (2) shall be taken to have been issued for valuable consideration other than cash, being the discharge effected by subsection (3).
"(5) If, under the determination made under subsection 18a (2), SMEC is to issue shares under this section at a premium, SMEC shall be taken:

     (a) to have issued at a premium the shares issued under subsection (2); and
     (b) to have received for those shares premiums of a total value equal to the amount by which $5,207,807 exceeds the amount of SMEC's share capital.
"(6) An amount equal to the total value of the premiums that SMEC is, under paragraph (5) (b), taken