Western Australian Current Acts Western Australian Current Acts Bonus shares issued
under section 147 may be issued in accordance with the rules of the
co-operative, subject to the following restrictions —
(a) each
issue must have been approved by a special resolution of the co-operative;
(b) they
are to be issued as fully paid up shares with no payment required to be made
by a member of the co-operative to whom they are issued;
(c) they
are to be issued only for 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 co-operative in any one year
cannot be more than 20%, or another percentage prescribed by the regulations,
of the nominal value of the issued share capital of the co-operative
immediately before the date of issue of the bonus shares.