Superannuation Administration Act 1996

The FTC Board may, by one or more resolutions that are duly passed at a meeting of the Board, approve—

the number and classes of shares that are to be issued in respect of registered FTC on its registration as a proprietary company limited by shares under the Corporations Act, and

the persons to whom the shares are to be issued, and

the amounts that are payable for shares to be issued in registered FTC and whether or not the amounts must be paid in full by the registration day.

The FTC Board may, by a further resolution that is duly passed at a meeting of the Board, revoke a resolution under subclause (1) at any time before the registration day.

However, nothing in subclause (2) prevents the FTC Board from passing the same or another resolution under subclause (1).