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CORPORATIONS REGULATIONS 2001 2001 No. 193 - REG 12.8.11
Transferring building societies may issue shares equivalent to membership shares
- (1)
- A transferring building society that is a company limited by shares may
issue a share in the company giving the holder of the share the same rights
and obligations in relation to the share as the holder of a membership share
in the building society that is taken to have been issued on the transfer date
under clause 12 of the transfer provisions has in relation to that share.
- (2)
- However, the transferring building society must not issue the share if its
constitution has been modified under paragraph 24 (1) (c) of the transfer
provisions.
- (3)
- The provisions of the Act that apply in relation to the issue of a share
in a company limited by shares that is not issued under this regulation also
apply to a share that is issued under this regulation for all matters that are
not dealt with in subregulations (1) and (2).
- (4)
- This regulation does not affect:
- (a)
- the capacity of a
transferring building society to issue shares in the company otherwise than
under this regulation; or
- (b)
- a share issued otherwise than under this regulation.
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