Commonwealth Consolidated Acts

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Application of this Part to MCI mutual entities

  (1)   For the purposes of applying this Part to an MCI mutual entity:

  (a)   a reference to a shareholder of the entity is taken to include a non - shareholder mutual member of the entity; and

  (b)   the reference to all ordinary shareholders in paragraph   260B(1)(b) is taken to be a reference to all members of the entity.

  (2)   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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