Commonwealth Consolidated Acts

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Meaning of MCI

             (1)  A share in a mutual entity is an MCI (short for mutual capital instrument) if:

                     (a)  paragraphs 167AC(a), (b), (c) and (d) apply to the entity; and

                     (b)  the share meets the requirements in sections 167AE and 167AF.

             (2)  To avoid doubt, if a share that is an MCI ceases to meet one or more of those requirements, the share ceases to be an CI.

             (3)  Nothing in this Division requires an MCI mutual entity to treat the holders of MCIs in the same way as members of the entity who do not hold MCIs.

Note:          For example, this Division does not require an MCI mutual entity that provides services to a class of members to provide those services to holders of CIs.

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