Commonwealth Consolidated Acts

COMMONWEALTH FUNDS MANAGEMENT LIMITED ACT 1990 - SECT 8

             (1)  In this section:

"minimum share capital" means the minimum amount that, under the Corporations Act 2001 , may be the share capital (made up of shares of $1 each) of a company registered as a public company limited by shares.

             (2)  On the commencement of this Part, an amount equal to the minimum share capital is payable to the Company out of the Consolidated Revenue Fund, which is appropriated accordingly.

             (3)  As soon as it is practicable for the Company to do so, the Company must apply that amount in paying up, in full, shares in the Company.

             (4)  As soon as practicable after complying with subsection (3), the Company must 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.

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