Document ID: chunk:federal_register_of_legislation:C2025C00185:clause:4_20
Version: federal_register_of_legislation:C2025C00185
Segment Type: clause
Provision Reference: sch 4 cl 20
Character Range: 6605862–6607805

20  References in contracts and other documents to par value
 (1) This clause applies for the purpose of interpreting and applying the following after the commencement of this Act:
 (a) a contract entered into by a transferring financial institution of a State or Territory before the transfer date (including the institution's constitution);
 (b) a trust deed or other document executed by or in relation to the institution before the transfer date.
Note: The interpretation and application of contracts and deeds before this Act commences was governed by clause 20 of the transfer provisions.
 (2) A reference to the par value of a share issued by a transferring financial institution of a State or Territory is taken to be a reference to:
 (a) if the share is issued before the transfer date—the par value of the share immediately before then; or
 (b) if the share is issued on or after the transfer date but shares of the same class were on issue immediately before then—the par value that the share would have had if it had been issued then; or
 (c) if the share is issued on or after the transfer date and shares of the same class were not on issue immediately before then—the par value determined by the directors.
A reference to share premium is taken to be a reference to any residual share capital in relation to the share.
 (3) A reference to a right to a return of capital on a share issued by the institution is taken to be a reference to a right to a return of capital of a value equal to the amount paid in respect of the share's par value.
 (4) A reference to the aggregate par value of the institution's issued share capital is taken to be a reference to that aggregate as it existed immediately before the transfer date and:
 (a) increased to take account of the par value of any shares issued after then; and
 (b) reduced to take account of the par value of any shares cancelled after then.

Part 4—The transition period