13Issue of shares by NHL

13 Issue of shares by NHL

13 Issue of shares by NHL

(1) If—

(a) AMP is converted to a company limited by shares under this Part, and

(b) on the conversion—

(i) NHL beneficially owns all of the shares in AMP, or

(ii) if one or more holding companies are interposed between AMP and NHL, no person other than NHL or a holding company of AMP is the beneficial owner of any shares in AMP or in any such interposed holding company,

then—

(c) NHL must give effect to the demutualisation and reconstruction of AMP by issuing fully paid shares in NHL to the persons identified by a method referred to under section 7 (2) (g) (ii) in the manner stated under section 7 (2) (g) (iii), and

(d) each person to whom NHL issues shares is taken to have agreed (immediately before the issue of the shares) to become a member of NHL.

(2) For the avoidance of doubt, and despite any provision of the Companies Code or the Corporations Law, nothing in the Code or Law requires NHL to transfer any amount to a share premium account otherwise than as set out in the statement given in accordance with section 7 (2) (g) (iii).

(3) If shares are issued according to this section, no court or tribunal is to make an order reversing the issue of the shares.