New South Wales Consolidated Acts

AUSTRALIAN MUTUAL PROVIDENT SOCIETY (DEMUTUALISATION AND RECONSTRUCTION) ACT 1997 - SECT 8

8 Certificate of conversion

(1) If the Attorney General is satisfied that:

(a) AMP’s application complies with section 7, and

(b) AMP’s creditors are not likely to be materially prejudiced by the conversion,

then, unless subsection (2) applies, the Attorney General must give notice under subsection (4) that the Attorney General intends to issue a certificate of conversion.

(2) The Attorney General must not give notice under subsection (4) that the Attorney General intends to issue a certificate of conversion, if the Attorney General is satisfied that:

(a) the manner of accounting for the issue of the shares by NHL is inappropriate, having regard to the applicable requirements of Part 3.6 of the Corporations Law and the statement required by section 7 (2) (g), or

(b) the obligations that would be attached to the shares are unreasonable.

(3) Before making a decision in relation to subsection (1) (b), the Attorney General may direct AMP in writing:

(a) to notify some or all of its creditors of the proposed conversion in the way that the Attorney General specifies, and

(b) to invite those creditors to make submissions to the Attorney General within a period not exceeding two weeks from a date specified in AMP’s notification.

(4) The notice must be published in the Gazette and must state:

(a) that the Attorney General will issue the certificate of conversion one month after the notice has been published in the Gazette unless prevented by an order of a court from doing so, and

(b) the effect of the issue of the certificate of conversion.

(5) Subject to an order of a court, the Attorney General must issue a certificate of conversion as soon as practicable after the period of one month has ended.

(6) A copy of the certificate must be published in the Gazette as soon as practicable.