Australian Capital Territory Repealed Acts

This legislation has been repealed.

COOPERATIVES ACT 2002 (REPEALED) - SECT 150

    (1)     A trading cooperative may issue shares at a premium.

    (2)     A premium may be in the form of cash or other valuable consideration.

    (3)     If a trading cooperative issues shares for which it receives a premium, an amount equal to the aggregate amount or value of the premiums on the shares must be transferred to a share premium account.

    (4)     The share premium account is taken to be paid-up share capital of the trading cooperative and may be applied in any 1 or more of the following ways:

        (a)     in paying up unissued shares to be issued to members of the cooperative as fully-paid bonus shares;

        (b)     in paying up in whole or part the balance unpaid on shares previously issued to members of the cooperative;

        (c)     in the payment of dividends, if those dividends are satisfied by the issue of shares to members of the cooperative;

        (d)     in writing off the preliminary expenses of the cooperative;

        (e)     in providing for the premium payable on redemption of shares or debentures.