Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) As soon as practicable after the commencement of this Part, CSL must apply the capital that it has at that commencement in paying up, in full, shares in CSL.
(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), CSL 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) Rights may be attached to shares included in a class of shares.
(5) The issue of shares under subsection ( 3) discharges in full CSL's obligations to repay the capital to the Commonwealth.
(6) The shares issued under subsection ( 3) are to be taken to have been issued for valuable consideration other than cash, being the discharge effected by subsection ( 5).
(7) A person is not a member of CSL at any time before the transition merely because the person holds shares in CSL.