Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A person who immediately before the commencement of this Part was, or was acting as, a member of the Company, ceases at that commencement to be, or to act as, such a member.
(2) Each person who holds shares in the Company at the commencement of this Part becomes, by force of this subsection, a member of the Company at that commencement.
(3) A person referred to in subsection ( 2) is, as a member of the Company, entitled to the same rights, privileges and benefits, and subject to the same duties, liabilities and obligations, as if the person had become a member of the Company under its memorandum and articles.