New South Wales Consolidated Acts

AUSTRALIAN MUTUAL PROVIDENT SOCIETY (DEMUTUALISATION AND RECONSTRUCTION) ACT 1997 - SECT 13

13 Issue of shares by NHL

(1) If:

(a) AMP is converted to a company limited by shares under this Part, and

(b) on the conversion:

(i) NHL beneficially owns all of the shares in AMP, or

(ii) if one or more holding companies are interposed between AMP and NHL, no person other than NHL or a holding company of AMP is the beneficial owner of any shares in AMP or in any such interposed holding company,

then:

(c) NHL must give effect to the demutualisation and reconstruction of AMP by issuing fully paid shares in NHL to the persons identified by a method referred to under section 7 (2) (g) (ii) in the manner stated under section 7 (2) (g) (iii), and

(d) each person to whom NHL issues shares is taken to have agreed (immediately before the issue of the shares) to become a member of NHL.

(2) For the avoidance of doubt, and despite any provision of the Companies Code or the Corporations Law , nothing in the Code or Law requires NHL to transfer any amount to a share premium account otherwise than as set out in the statement given in accordance with section 7 (2) (g) (iii).

(3) If shares are issued according to this section, no court or tribunal is to make an order reversing the issue of the shares.