Superannuation (Axiom Funds Management Corporation) Act 1996
41Issue of shares in AFML
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41 Issue of shares in AFML
41 Issue of shares in AFML
(1) As soon as practicable after the commencement of this Division, AFMC is required to apply the requisite amount of capital in paying up, in full, shares in AFMC.
(2) The requisite amount of capital is such amount as the Treasurer determines by order in writing. The Treasurer is required to consult with the AFMC Board before making such an order.
(3) The issue of those shares discharges in full any obligation of AFMC existing before the conversion to repay the capital of AFMC to the State of New South Wales.
(4) The shares so issued are taken to have been issued for valuable consideration other than cash, being the discharge effected by subsection (3).
(5) The State of New South Wales is not a member of AFMC at any time before the conversion merely because the State holds shares in AFML.