9Share capital and acquisition of shares

9 Share capital and acquisition of shares

(1)  The nominal share capital and the issued share capital of the Company on its incorporation are to be the amounts determined by the Treasurer, in writing.

(2)  The nominal share capital of the Company on its incorporation –

(a) is to be divided into shares of $1 each; and

(b) if the Treasurer has determined, in writing, that it is to be divided into classes of shares, is to be so divided into classes of shares.

(3)  The consideration for the shares issued pursuant to the incorporation of the Company is to be –

(a) money provided by Parliament for that purpose; or

(b) [Section 9 Subsection (3) amended by No. 4 of 2017, Sched. 1, Applied:01 Jul 2019] money from an account established pursuant to section 20 (7) ; or

(c) business, property or rights specified in, and transferred by, an order under section 10 ; or

(d) any combination of the considerations specified in paragraphs (a) , (b) and (c) .

(4)  With the approval of the Treasurer, in writing, a member of the Company who holds shares in trust for the Crown may acquire further shares in the Company.

(5)  Shares acquired by a member of the Company in accordance with subsection (4) are held in trust for the Crown.

(6)  The consideration for the issue of shares acquired by a member of the Company in accordance with subsection (4) is to be –

(a) money provided by Parliament for the purpose; or

(b) [Section 9 Subsection (6) amended by No. 4 of 2017, Sched. 1, Applied:01 Jul 2019] money from an account established pursuant to ; or