Company Law Review Act 1998 (61 of 1998)

Schedule 5  

Corporations Law

25   After section 601BP

Insert:

601BQ References in pre-registration contracts and other documents to par value in existing contracts and documents

(1) This section applies in relation to a company registered under this Part for the purpose of interpreting and applying after registration:

(a) a contract entered into before the registration; or

(b) a trust deed or other document executed before the registration.

(2) A reference to the par value of a share is taken to be a reference to the par value of the share immediately before the registration, or the par value that the share would have had if it had been issued then.

(3) A reference to a right to a return of capital on a share is taken to be a reference to a right to a return of capital of a value equal to the amount paid before the registration in respect of the share's par value, or the par value that the share would have had if it had been issued then.

(4) A reference to the aggregate par value of the company's issued share capital is taken to be a reference to that aggregate as it existed immediately before the registration.