74APreliminary steps to conversion of Development Bank into a company

74A Preliminary steps to conversion of Development Bank into a company

Share capital (1) The Development Bank continues to have the share capital that it had immediately before the commencement of this section. (2) The persons who held shares in the Development Bank immediately before the commencement of this section continue to hold those shares immediately after the commencement of this section. (3) A person is not a member of the Development Bank at any time before the commencement of section 74B merely because of holding shares in the Development Bank. Application for registration as a company (4) The Development Bank must: (a) apply to the Australian Securities Commission under section 133 of the Corporations Law for the Development Bank 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 Development Bank of Australia Limited”; and (c) lodge with the Australian Securities Commission a proposed memorandum and proposed articles for the Development Bank. (5) Subject to the regulations, the application mentioned in paragraph (4)(a) must be accompanied by the documents required by section 136 of the Corporations Law. (6) The Development Bank must deliver the applications and any accompanying documents to an office of the Australian Securities Commission in the Australian Capital Territory. (7) The Development Bank is taken to be entitled to make the applications, and to lodge the documents, mentioned in subsections (4) and (5). (8) The Australian Securities Commission is taken: (a) to have been required to reserve the name “Commonwealth Development Bank of Australia Limited” under section 374 of the Corporations Law; and (b) to have reserved that name immediately after lodgment of the application referred to in paragraph (4)(b).