Document ID: chunk:federal_register_of_legislation:C2004A04008:body:0:p6
Version: federal_register_of_legislation:C2004A04008
Segment Type: other
Provision Reference: 
Character Range: 18515–21207

Act 1981.

Issue of shares in CSL

"44b. (1) As soon as practicable after the commencement of this Part, CSL must apply the capital that it has at that commencement in paying up, in full, shares in CSL.

"(2) If the amount of the capital is not a multiple of $1, subsection (1) applies as if the amount were reduced to the nearest multiple of $1.

"(3) As soon as practicable after complying with subsection (1), CSL 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.

"(4) Rights may be attached to shares included in a class of shares.

"(5) The issue of shares under subsection (3) discharges in full CSL's obligations to repay the capital to the Commonwealth.

"(6) The shares issued under subsection (3) are to be taken to have been issued for valuable consideration other than cash, being the discharge effected by subsection (5).

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

CSL to apply to be registered as company etc.

"44c. (1) CSL must, before the transition:

    (a) apply to the National Companies and Securities Commission under subsection 85 (1) of the Companies Act 1981 to be registered as a company limited by shares within the meaning of that Act; and

    (b) apply to the National Companies and Securities Commission under subsection 55 (1) of the Companies Act 1981 for the reservation of the name "Commonwealth Serum Laboratories Limited"; and

    (c) lodge with the National Companies and Securities Commission a proposed memorandum, and proposed articles, for CSL; and

    (d) if the rights attached to shares included in a class of shares under subsection 44b (4) are not provided for in the memorandum or articles, lodge with the National Companies and Securities Commission the statement referred to in subsection 124 (1) of the Companies Act 1981.

"(2) Subject to the regulations, the application mentioned in paragraph (1) (a) must be accompanied by the documents required by subsection 85 (4) of the Companies Act 1981 to accompany such an application.

"(3) The applications mentioned in paragraphs (1) (a) and (b) must be made to the National Companies and Securities Commission by delivering them to the office of the Corporate Affairs Commission for the Australian Capital Territory and the documents mentioned in paragraphs (1) (c) and (d) and subsection (2) must be lodged with the National Companies and Securities Commission by lodging them at that office.

"(4) CSL is to be taken to be entitled to make the applications referred to in paragraphs (1) (a) and (b),