Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 12.8.03

Meaning of member share

  (1)   A share in the body corporate to which subregulation   (2) or (3) applies is a member share .

  (2)   This subregulation   applies if the share:

  (a)   is not an ED security; and

  (b)   has a fixed value; and

  (c)   is held by a single person, or 2 or more persons jointly; and

  (d)   entitles the holder, or joint holders, to use services provided by the body corporate; and

  (e)   is not transferable or transmissible, or is only transferable or transmissible to a person or body specified in the rules or constitution of the body corporate in circumstances stated in the rules or constitution.

  (3)   This subregulation   applies if:

  (a)   the share is taken to have been issued under paragraph   12(1)(b), (c) or (d) of the transfer provisions; or

  (b)   that Act applies to the share under clause   15 of Schedule   4 to that Act; or

  (c)   the share is declared under regulation   12.8.04 to be a member share; or

  (d)   the share is issued under regulation   12.8.11 or 12.8.12.


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