18BIssue of shares

#### 18B Issue of shares (1) As soon as practicable after the determination under subsection 18A(2) is made, SMEC shall apply an amount equal to the amount of its share capital in paying up, in full, shares in SMEC. (2) As soon as practicable after complying with subsection (1), SMEC shall issue the shares paid up under that subsection: (a) to the Commonwealth; or (b) to nominees of the Commonwealth; as the Minister directs in writing. (3) The issue of shares under subsection (2) discharges in full SMEC’s obligations to repay to the Commonwealth the capital that SMEC has by virtue of section 41. (4) The shares issued under subsection (2) shall be taken to have been issued for valuable consideration other than cash, being the discharge effected by subsection (3). (5) If, under the determination made under subsection 18A(2), SMEC is to issue shares under this section at a premium, SMEC shall be taken: (a) to have issued at a premium the shares issued under subsection (2); and (b) to have received for those shares premiums of a total value equal to the amount by which $5,207,807 exceeds the amount of SMEC’s share capital. (6) An amount equal to the total value of the premiums that SMEC is, under paragraph (5)(b), taken to have received shall be transferred by SMEC to an account maintained by it, to be called the share premium account. (7) A person is not a member of SMEC at any time before the transition merely because the person holds shares in SMEC.