Commonwealth Consolidated Regulations

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What is a 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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