Australian Capital Territory Repealed Acts

This legislation has been repealed.

CO-OPERATIVE SOCIETIES ACT 1939 (REPEALED) NO 9 - SECT 22

    (1)     In this section:

"fixed share", in relation to a society, means a share in the share capital of a society that, under the society's rules (subject to this Act)—

        (a)     is not withdrawable by the member owning the share; or

        (b)     is not withdrawable by that member except at the direction of the society or with the society's approval;

but does not include a share prescribed by the regulations.

"withdrawable share", in relation to a society, means a share in the share capital of the society that—

        (a)     under the rules of the society (subject to this Act), is withdrawable by the member owning the share; or

        (b)     is prescribed by the regulations.

    (2)     The capital of a society shall vary in amount according to the nominal value of shares from time to time subscribed.

    (3)     The capital shall be divided into shares of a fixed amount that shall be specified in the rules.

    (4)     Subject to this section, the shares shall be of one class, all ranking equally.

    (5)     A society may, if authorised by the rules, issue different classes of shares described in the rules.

    (6)     The rules of a society may provide for—

        (a)     the payment of different rates of dividend or interest; and

        (b)     different conditions relating to issue;

as determined from time to time by the board of the society in relation to the different classes of shares that the society may issue.

    (7)     If different classes of shares have been issued by a society, in the event of the winding-up of the society—

        (a)     all fixed shares shall rank equally; and

        (b)     all withdrawable shares shall rank equally; and

        (c)     withdrawable shares shall rank in priority to fixed shares.

    (8)     Any balance unpaid in relation to shares at the time of allotment shall be paid by periodic subscriptions or in the way specified in the rules of the society.

    (9)     No member shall hold more than ¹ / 5 of the shares of a society or more than any less proportion of the shares prescribed in the rules of the society.

    (10)     A member shall subscribe for any minimum number of shares specified in the rules of the society and the number may be determined by the use made by the member of the society or in any way specified in those rules.

    (11)     Any dividend, rebate or bonus to a member shall be applied to paying off any subscription or calls on shares that at the same time the dividend, rebate or bonus becomes payable are due by the member and unpaid.

    (12)     A share may be held by 2 or more persons jointly.

    (13)     A share in a society shall not be sold without the consent of the board.