Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 153

153. (1) The Commission shall not register a company under Division 1 unless:

   (a)  a written statement in the prescribed form has been lodged;

   (b)  the statement is signed by the subscribers to the proposed company's
        memorandum;

   (c)  the statement specifies the day on which it was so signed, or the
        first day on which it was signed by any of the subscribers, as the
        case requires;

   (d)  the day specified is not more than 7 days before the application for
        registration was lodged and not more than 28 days before the company
        is so registered; and

   (e)  the statement, whether or not it also states as mentioned in
        subsection (2), states as mentioned in subsection (3), (4) or (5).

(2) The statement may state to the effect that the subscribers intend the
proposed company to be dormant throughout a substantial period beginning at
its incorporation.

(3) The statement may state to the effect that the subscribers intend that,
within 3 months after:

   (a)  the day of the proposed company's incorporation; or

   (b)  the period referred to in subsection (2); as the case requires,
        trading activities within the meaning of this Act will be the whole or
        a substantial part of the company's activities.

(4) The statement may state to the effect that the subscribers intend that,
within 3 months after:

   (a)  the day of the proposed company's incorporation; or

   (b)  the period referred to in subsection (2); as the case requires, the
        company will carry on as its sole or principal business the business
        of banking (other than State banking not extending beyond the limits
        of the State concerned).

(5) The statement may state to the effect that the subscribers intend that
within:

   (a)  21 days after the day of the proposed company's incorporation; or

   (b)  the period referred to in subsection (2); as the case requires,
        persons other than the subscribers will be members of the company and
        have interests in it that together constitute a controlling interest
        in it.

(6) A statement may state as mentioned in subsection (5) even if, when the
statement is signed by any of the subscribers, it is not known who the persons
referred to in that subsection will be.

(7) Where a statement is lodged for the purposes of this section, each person
who has signed the statement shall be taken to have stated in it that that
person had, when signing the statement, the intention described in it.