Summary of the steps involved in corporate conversion of FTC
2 Summary of the steps involved in corporate conversion of FTC
The following is a summary of the steps involved in the conversion of FTC into a proprietary company limited by shares under the Corporations Act—
FTC Board approves constitution and share issue
The FTC Board passes resolutions in accordance with Division 2 of Part 3 that approve a constitution for registered FTC and the issue of shares in registered FTC.
FTC Board to lodge notice under Corporations Act
The FTC Board, with the approval of the Minister, causes a notice to be lodged with ASIC under section 5H (2) of the Corporations Act that sets out certain information about the proposed conversion of FTC into a registered company.
Minister specifies a registration day
The Minister makes a registration order under clause 4 specifying the day on which FTC is taken to be registered as a proprietary company limited by shares under section 5H of the Corporations Act.
FTC registered as proprietary company limited by shares
Section 5H of the Corporations Act operates on the registration day to register FTC as a proprietary company limited by shares with the name “FSS Trustee Corporation”.
This clause does not affect the meaning or interpretation of any provision of this Schedule that it summarises.
This Act’s bill:Explanatory memorandumSecond reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.