18Share capital and shareholdings in corporatised AGL

18 Share capital and shareholdings in corporatised AGL

18 Share capital and shareholdings in corporatised AGL

(1) On the conversion day—

(a) subject to Schedule 4, the amount of share capital of corporatised AGL is taken to be the same as the total issued share capital of AGL immediately before the conversion day and the share capital is taken to be comprised of the same number of shares as AGL had on issue immediately before the conversion day, and

(b) a person who, immediately before the conversion day, was a proprietor of AGL is taken to be a member of corporatised AGL, and

(c) each person who, immediately before the conversion day, held shares in AGL under the constitution of AGL is taken to hold the same number of ordinary shares in corporatised AGL as the person held in AGL and is taken to have acquired them at the same time as the person acquired the shares in AGL, and

(d) any amount on any of the shares of AGL that was unpaid immediately before the conversion day is taken to be an amount that is unpaid on the corresponding shares in corporatised AGL, and

(e) the provisions of Schedule 4 have effect in relation to shares in AGL that had a par value immediately before the conversion day.

(2) This section has effect subject to the provisions of the constitution of corporatised AGL and Division 3.