Australian Capital Territory Repealed Acts

This legislation has been repealed.

COOPERATIVES ACT 2002 (REPEALED) - SECT 154

Bonus shares under section 153 may be issued in accordance with the rules of the cooperative subject to the following restrictions:

        (a)     each issue must have been approved by a special resolution of the cooperative;

        (b)     they are to be issued as fully paid-up shares with no payment required to be made by a member of the cooperative to whom they are issued;

        (c)     they are to be issued only in relation to shares of the same class of shares that are fully paid up as at the date of issue of the bonus shares;

        (d)     the total nominal value of bonus shares issued by a cooperative during any 1 year period must not exceed 20% (or, if another percentage is prescribed by regulation, that percentage) of the nominal value of the issued share capital of the cooperative immediately before the date of issue of the bonus shares.