Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p70
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 70/212)
Character Range: 184151–187028

the heading, substitute:

"Division 2—Registration of existing companies".

Section 126:

  Repeal the section, substitute:

Existing companies taken to be registered under this Division

"126. (1) This section applies to each body corporate that was, immediately before the commencement of this Division, incorporated, or taken to be incorporated, under a previous law of this jurisdiction corresponding to this Chapter.

"(2) At the commencement of this Division, the body corporate is taken to be registered as a company under this Division.".

Section 127:

  Repeal the section.

Section 128:

  Repeal the section.

Section 129:

  Repeal the section, substitute:

Effect of body corporate being taken to be registered under this Division

"129. (1) This section applies to each body corporate (in this section called the 'company') that is taken to be registered as a company under this Division.

"(2) The Commission must, as soon as practicable after the commencement of this Division, allot to the company a registration number distinct from the registration number of each body corporate

SCHEDULE 1—continued

(other than the company) already registered under this Part, Part 4.1 or a law corresponding to this Part or Part 4.1.

  "(2a) If:

     (a) before the commencement of this Division, the Commission allotted to the company a number purporting to be a registration number; and

     (b) as at that commencement, that number is distinct from each number that purports to be a registration number and that the Commission has allotted to a body corporate (other than the company);

the number referred to in paragraph (a) is taken to have been allotted to the company under subsection (2) at that commencement.

"(3) The company is taken to be registered as a company of whichever of the following classes:

  (a) a company limited by shares;

  (b) a company limited by guarantee;

  (c) a company limited both by shares and by guarantee;

  (d) an unlimited company;

   (e) in the case of a mining company—a no liability company;

most nearly corresponds to the class in which the company was included under the corresponding previous law immediately before the commencement of this Division.

  "(4) The company is taken to be registered:

     (a) if it was a proprietary company under the corresponding previous law—as a proprietary company; or

  (b) in any other case—as a public company.".

Subsection 130 (1):

  Omit the subsection, substitute the following subsection:

"(1) This section applies to each body corporate that is taken to be registered as a company under this Division.".

Subsection 130 (2):

Omit "The provisions that, at the time immediately before the company's registration day, formed part of the company's memorandum, and any provisions that were at that time deemed by virtue of a law of that State or Territory to form part