Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) At the conversion time, shares in HoldCo are taken to be issued as fully paid, in accordance with the List of Eligible Woolgrowers, as follows:
(a) if the list provides for shares to be issued to a person, the shares are taken to be issued to that person;
(b) if the list provides for shares to be issued to 2 or more persons jointly, the shares are taken to be issued to those persons jointly.
(2) A person to whom shares are taken to be issued under subsection ( 1):
(a) becomes a member of HoldCo, 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 HoldCo; 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 HoldCo.