42Steps to be taken by AFMC before conversion

42 Steps to be taken by AFMC before conversion

42 Steps to be taken by AFMC before conversion

(1) AFMC must, before the conversion—

(a) apply to the Australian Securities Commission under section 133 of the Corporations Law to be registered as a company limited by shares under Division 3 of Part 2.2 of the Corporations Law (Registering non-companies as companies), and

(b) apply to that Commission under section 374 of the Corporations Law for the reservation of the name “Axiom Funds Management Limited”.

(2) AFMC is required to lodge with the application for registration as a company—

(a) the proposed memorandum and articles of association of AFML, and

(b) subject to any order in writing of the Treasurer, the other documents and information required by section 136 of the Corporations Law to accompany the application.

(3) The proposed memorandum—

(a) is to specify that the State of New South Wales is to be the sole subscriber to the memorandum and is to take up the number of shares in the capital of AFMC issued under this Division, and

(b) is to be signed by the Treasurer on behalf of the State of New South Wales.

(4) The proposed articles of association—

(a) are to provide that the first directors of AFML after the conversion are to be appointed by the Treasurer, and

(b) are to be signed by the Treasurer on behalf of the State of New South Wales.

(5) AFMC is entitled to make the applications, and to lodge the documents, referred to in this section.