Document ID: chunk:federal_register_of_legislation:C2004A03814:body:0:p6
Version: federal_register_of_legislation:C2004A03814
Segment Type: other
Provision Reference: 
Character Range: 13173–15909

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 to have received shall be transferred by SMEC to an account maintained by it, to be called the 'share premium account'.
"(7) A person is not a member of SMEC at any time before the transition merely because the person holds shares in SMEC.

SMEC to apply to be registered as company etc.
"18c. (1) SMEC shall, 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;
     (b) apply to the National Companies and Securities Commission under subsection 55 (1) of the Companies Act 1981 for the reservation of the name 'Snowy Mountains Engineering Corporation Limited'; and
     (c) lodge with the National Companies and Securities Commission a proposed memorandum, and proposed articles, for SMEC.
"(2) The application mentioned in paragraph (1) (a) shall, subject to the regulations, 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) shall 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 paragraph (1) (c) and subsection (2) shall be lodged with the National Companies and Securities Commission by lodging them at that office.
"(4) SMEC shall be taken to be entitled to make the applications mentioned in paragraphs (1) (a) and (b), and to lodge the documents mentioned in paragraph (1) (c) and subsection (2).
"(5) The National Companies and Securities Commission shall be taken:
     (a) to have been required to reserve the name 'Snowy Mountains Engineering Corporation Limited' under subsection 55 (2) of the Companies Act 1981; and
     (b) to have so reserved that name immediately after the making of the application mentioned in paragraph (1) (b).

New name of SMEC
"18d. (1) On the day immediately before the transition, SMEC's name is, by force of this subsection, changed to 'Snowy Mountains Engineering Corporation Limited'.
"(2) Subsection 65 (5) of the Companies Act 1981 applies in relation to the change of name made by subsection (1) as if:
     (a) SMEC were a company, within the meaning of that Act, when the change is made; and
     (b) the change were made under that Act.
"(3) This section has effect in spite of anything in the Companies Act