Document ID: chunk:federal_register_of_legislation:C2012C00766:section:14
Version: federal_register_of_legislation:C2012C00766
Segment Type: section
Provision Reference: s 14
Character Range: 11830–12484

14  Membership of Company

 (1) A person who immediately before the commencement of this Part was, or was acting as, a member of the Company, ceases at that commencement to be, or to act as, such a member.

 (2) Each person who holds shares in the Company at the commencement of this Part becomes, by force of this subsection, a member of the Company at that commencement.

 (3) A person referred to in subsection (2) is, as a member of the Company, entitled to the same rights, privileges and benefits, and subject to the same duties, liabilities and obligations, as if the person had become a member of the Company under its memorandum and articles.