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CORPORATIONS REGULATIONS 2001 2001 No. 193 - REG 12.8.03
What is a member share
- (1)
- A share in the body corporate to which subregulation (2) or (3) applies is
a member share .
- (2)
- This subregulation applies if the share:
- (a)
- is not
an ED security; and
- (b)
- has a fixed value; and
- (c)
- is held by a single person, or 2 or more persons jointly; and
- (d)
- entitles the holder, or joint holders, to use services provided by the
body corporate; and
- (e)
- is not transferable or transmissible, or is only transferable or
transmissible to a person or body specified in the rules or constitution of
the body corporate in circumstances stated in the rules or constitution.
- (3)
- This subregulation applies if:
- (a)
- the share is taken to have been
issued under paragraph 12 (1) (b),
- (c)
- or (d) of the transfer provisions;
or
- (b)
- that Act applies to the share under clause 15 of Schedule 4 to that
Act; or
- (c)
- the share is declared under regulation 12.8.04 to be a member share; or
- (d)
- the share is issued under regulation 12.8.11 or 12.8.12.
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