New South Wales Consolidated Acts

AUSTRALIAN MUTUAL PROVIDENT SOCIETY (DEMUTUALISATION AND RECONSTRUCTION) ACT 1997 - SECT 21

21 Allotment and issue of new securities

(1) If:

(a) an allotment and issue of shares in NHL arises from the exercise, conversion or paying up of a quoted security or a quoted right, and

(b) the allotment might result in a contravention of section 19,

NHL may allot and issue the shares to a nominee selected by it, on terms that require the nominee to arrange for the disposal of the shares for the benefit of the person to whom the shares would otherwise be issued.

(2) Nothing in this Part affects the validity of an allotment or issue of shares that arises from the exercise, conversion or paying up of a quoted security or a quoted right.