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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