Under previous Australian company law, Australian companies used to have what was variously called 'nominal' or 'authorised' share capital. This represented a kind of imaginary pool of unissued shares which had to be drawn upon if the company was to issue shares to members/shareholders. However, with effect from 15 July 2001, newly created Australian companies no longer have a nominal or authorised share capital. Further, when shares are issued in or by a company, the shares are simply 'created out of thin air' and come into existence immediately upon their issue to members/shareholders.