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CORPORATIONS ACT 2001 - SECT 258G

Application of this Part to MCI mutual entities

             (1)  For the purposes of applying this Part to an MCI mutual entity, a reference (other than in section 258B) to a shareholder of the entity is taken to include a non-shareholder mutual member of the entity.

             (2)  For the purposes of applying Division 1 to an MCI mutual entity:

                     (a)  any reduction of the entity's share capital that relates to MCIs is taken to be a selective reduction; and

                     (b)  the reference to all ordinary shareholders in paragraph 256C(2)(b) is taken to be a reference to all members of the entity.

             (3)  For the purposes of applying Division 2 to an MCI mutual entity:

                     (a)  any scheme to buy back MCIs is taken not to be an equal access scheme; and

                     (b)  subsections 257B(4) and (5) (the 10/12 limit) have effect in relation to MCIs issued by a mutual entity as if each MCI were a voting share with one vote attached to it; and

                     (c)  the reference to all ordinary shareholders in paragraph 257D(1)(b) is taken to be a reference to all members of the entity.

             (4)  To avoid doubt, this section does not have the effect of treating a non-shareholder mutual member's membership of an MCI mutual entity as a share.

   



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