(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.