Commonwealth Consolidated Acts

ANL ACT 1956 - SECT 39

             (1)  As soon as practicable after the commencement of this Part, ANL shall apply the capital that it has at that commencement in paying up, in full, shares in ANL.

             (2)  If the amount of the capital is not a multiple of $1, subsection (1) applies as if the amount were reduced to the nearest multiple of $1.

             (3)  As soon as practicable after complying with subsection (1), ANL 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.

             (4)  The issue of shares under subsection (3) discharges in full ANL's obligations to repay the capital to the Commonwealth.

             (5)  The shares issued under subsection (3) shall be taken to have been issued for valuable consideration other than cash, being the discharge effected by subsection (4).

             (6)  A person is not a member of ANL at any time before the transition merely because the person holds shares in ANL.