CTHRepealedAct
Snowy Mountains Engineering Corporation Act 1970
18AShare capital of SMEC
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#### 18A Share capital of SMEC
(1) As from the commencement of this Part, SMEC shall have a share capital divided into shares of $1 each.
(2) As soon as practicable after the commencement of this Part, the Minister shall determine, in writing, whether SMEC is to issue shares under section 18B at par or at a premium per share of a specified amount.
(3) The amount of SMEC’s share capital shall be the number of whole dollars in the amount ascertained in accordance with the formula:

where:
Issue Price is the number of dollars in the amount that is the sum of:
(a) $1, being the nominal value of each of SMEC’s shares; and
(b) the amount of the premium per share (if any) determined under subsection (2).
(4) As from the transition, this section has effect subject to the Companies Act 1981.