"member":
(a) in relation to a managed investment scheme ¾ means a
person who holds an
interest in the scheme; or
(e) in relation to a company--a
person who is a member under section 231.
s 231
Membership of a company
A
person is a member of a company if they:
(a) are a member of the company on its registration; or
(b) agree to become a member of the company after its registration and their name is entered on the register of members; or
(c) become a member of the company under section 167 (membership arising from conversion of a company from one
limited by guarantee to one
limited by shares).
s 167
Issue of shares by company or holding company--company limited by guarantee changing to company limited by shares
(1) If:
(a) a company
limited by guarantee changes type under
this Part to a company
limited by shares; and
(b) that company, or another company that beneficially owns all the shares in that company,
issues shares to a
person who was a member of that company immediately before the change of type took effect;
the
person becomes a member of the company issuing the shares if:
(c) the
issue of the shares is in accordance with the
special resolution that accompanied the application to change type under subparagraph 163(2)(a)(ii); and
(d) the shares are fully paid up; and
(e) the business,
assets and liabilities of the issuing company (together with its subsidiaries) when the shares are
issued are substantially the same as the business,
assets and liabilities of the company changing type (together with its subsidiaries) immediately before the change of type took effect.
(2) If shares are
issued according to this section, a court is not to
make an
order reversing the
issue of the shares.
