(1)  Only the constituent councils may hold one or more shares or other securities in a Regional Corporation.

(2)  Only Regional Corporations may hold one or more shares or other securities in the Common Services Corporation.

(3)  Each member of a Regional Corporation is to at all times hold an equal number of shares and an equal number of other securities in that Regional Corporation as each other member of that Regional Corporation.

(4)  A member of a Corporation must not dispose of the shares or other securities in that Corporation held by that member.

(5)  A Corporation must not, and must ensure that each of its subsidiaries does not –

(a) offer shares or other securities in the Corporation or any of its subsidiaries for subscription, or invite any person to subscribe for any such shares or other securities; or

(b) grant options over unissued shares or other securities in the Corporation or any of its subsidiaries; or

(c) allot or issue shares or other securities in the Corporation or any of its subsidiaries –

other than to existing members pro rata to their existing shareholdings.

(6)  In this section –

(a) a reference to securities includes a reference to securities of a kind specified in section 92(3) of the Corporations Act; and

(b) a reference to shares includes a reference to shares of a kind specified in section 254A(1) of the Corporations Act.