Commonwealth Consolidated Regulations

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Transferring credit unions may issue shares equivalent to withdrawable shares

             (1)  A transferring credit union that is a company limited by shares may issue a share in the company that:

                     (a)  is redeemable on the same terms as a withdrawable share in the credit union was withdrawable immediately before the transfer date; and

                     (b)  otherwise gives the same rights to, and imposes the same obligations on, the holder of the share as the holder of a withdrawable share in the credit union had in relation to that share immediately before the transfer date.

             (2)  However, the transferring credit union must not issue the share if its constitution has been modified under paragraph 24(1)(c) of the transfer provisions.

             (3)  The provisions of the Act that apply in relation to the issue of a share in a company limited by shares that is not issued under this regulation also apply to a share that is issued under this regulation for all matters that are not dealt with in subregulations (1) and (2).

             (4)  This regulation does not affect:

                     (a)  the capacity of a transferring credit union to issue shares in the company otherwise than under this regulation; or

                     (b)  a share issued otherwise than under this regulation.


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