41Use of amount standing to credit of share premium reserve

41 Use of amount standing to credit of share premium reserve

41 Use of amount standing to credit of share premium reserve

(1) Registered AGL is authorised on and after the registration day to use an amount of share capital equal to the amount standing to the credit of AGL’s share premium reserve immediately before the conversion day referred to in clause 6 of Schedule 4 in accordance with the provisions of that clause.

(2) Subsection (1) is declared to be a Corporations legislation displacement provision for the purposes of section 5G of the Corporations Act 2001 of the Commonwealth in relation to the provisions of sections 254K and 256D of the Corporations Act 2001 of the Commonwealth.

Note—

Section 5G (4) of the Corporations Act 2001 of the Commonwealth provides that a provision of the Corporations legislation does not—

(a) prohibit the doing of an act, or

(b) impose a liability (whether civil or criminal) for doing an act,

if a provision of a law of a State or Territory specifically authorises or requires the doing of that act.

However, section 5G (3) of that Act provides that section 5G will only apply to a provision of a law of a State or Territory enacted after the commencement of that Act if a law of the State or Territory declares the provision to be a Corporations legislation displacement provision for the purposes of that section.