108APreliminary steps to conversion of Corporation into a company

108A Preliminary steps to conversion of Corporation into a company

Share capital (1) From the commencement of this section, the Corporation is to have a share capital of $2, divided into shares of $1 each. (2) As soon as practicable after the commencement of this section, the Corporation must apply $2 (paid to the Corporation by the Commonwealth Bank) in paying up in full the shares in the Corporation. Issue of shares (3) As soon as practicable after the Corporation complies with subsection (2), the Corporation must issue to the Commonwealth Bank all the shares that were paid up under that subsection. (4) The Commonwealth Bank is not a member of the Corporation at any time before the commencement of section 108B merely because it holds shares in the Corporation. Application for registration as a company (5) The Commonwealth Bank must: (a) apply to the Australian Securities Commission under section 133 of the Corporations Law for the Corporation to be registered as a company limited by shares within the meaning of the Corporations Law; and (b) apply to the Australian Securities Commission under section 374 of the Corporations Law for reservation of the name “Commonwealth Bank Officers Superannuation Corporation”; and (c) lodge with the Australian Securities Commission a proposed memorandum and proposed articles for the Corporation. (6) Subject to the regulations, the application mentioned in paragraph (5)(a) must be accompanied by the documents required by section 136 of the Corporations Law. (7) The Commonwealth Bank must deliver the applications and any accompanying documents to an office of the Australian Securities Commission in the Australian Capital Territory. (8) The Commonwealth Bank is taken to be entitled to make the applications, and to lodge the documents, mentioned in subsections (5) and (6). (9) The Australian Securities Commission is taken: (a) to have been required to reserve the name “Commonwealth Bank Officers Superannuation Corporation” under section 374 of the Corporations Law; and (b) to have reserved that name immediately after lodgment of the application referred to in paragraph (5)(b).