16Issue of shares to registered equity holders

#### 16 Issue of shares to registered equity holders (1) At the conversion time, one share in WoolStock Australia Limited is taken to be issued, as fully paid, in respect of each unit, as follows: (a) if the unit is registered at the conversion time in the name of the person (other than TrusteeCo) who is entitled to be registered as the holder of the unit, then the share is taken to be issued to that person; (b) if the unit is registered at the conversion time in the name of a partnership that is entitled to be registered as the holder of the unit, then the share is taken to be issued to the partners jointly; (c) if the unit is registered at the conversion time in the name of TrusteeCo in respect of a putative equity holder, then the share is taken to be issued to TrusteeCo; (d) if the unit is registered in the name of TrusteeCo by the operation of subsection 10(3), then the share is taken to be issued to TrusteeCo; (e) in all other cases, the share is taken to be issued to TrusteeCo. (2) A person to whom shares are taken to be issued under subsection (1): (a) becomes a member of WoolStock Australia Limited, by force of this section, and is taken to have consented to become a member; and (b) is entitled to the same rights, privileges and benefits in respect of that membership as if the person had become a member under the constitution of WoolStock Australia Limited; and (c) is subject to the same duties, liabilities and obligations in respect of that membership as if the person had become a member under the constitution of WoolStock Australia Limited. (3) The issue of shares to TrusteeCo under this section is not affected by section 259C of the Corporations Law. (4) Subsection 259D(3) of the Corporations Act 2001 does not prevent the exercise of voting rights by TrusteeCo in respect of shares issued to it under this section.