Section 15 — Corporations Act 2001: Redeemable preference shares that were withdrawable shares

(1) This Act applies to a redeemable preference share that was a withdrawable share of a transferring financial institution of a State or Territory immediately before the transfer date, except that: (a) the share is redeemable on the same terms that the withdrawable share was withdrawable under the Financial Institutions Code of the State or Territory and the institution’s rules or constitution; and (b) the holder of the share continues to have the same rights and obligations that they had by holding the withdrawable share. (2) The provisions of this Act that apply to redeemable preference shares apply: (a) subject to subclause (1), to redeemable preference shares of a company registered under clause 3 of the transfer provisions; and (b) to redeemable preference shares of a company (other than a company referred to in paragraph (a)) that is permitted to use the expression building society, credit union or credit society under section 66 of the Banking Act 1959; even if the shares are the only class of shares issued by the company.