Commonwealth Consolidated Acts

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Modifications of constitution

             (1)  A company registered under this Part must modify its constitution within 3 months after registration to give effect to this Part.

             (2)  If the constitution specifies amounts of money expressed in foreign currency, the company must:

                     (a)  fix a single rate of conversion by resolution; and

                     (b)  modify its constitution by special resolution to convert those amounts into Australian currency using that rate.

The modification must be made within 3 months after registration.

          (2A)  An offence based on subsection (1) or (2) is an offence of strict liability.

Note:          For strict liability , see section 6.1 of the Criminal Code .

             (3)  An amendment of a company's constitution under this section does not affect the number and class of shares held by each member.

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