Corporations (Aboriginal and Torres Strait Islander) Act 2006

CHAPTER 4 - MEMBERS AND OBSERVERS  

PART 4-4 - PROTECTION OF MEMBERS ' INTERESTS  

Division 172 - What protections apply to variations or cancellations of class rights?  

SECTION 172-5   CERTAIN ACTIONS TAKEN TO VARY RIGHTS ETC  

172-5(1)    
If the members in a class of members of an Aboriginal and Torres Strait Islander corporation are divided into further classes of members and, after the division, the rights of all of those members are not the same:

(a)    the division is taken to vary the rights of every member who was in the class existing before the division; and

(b)    members who have the same rights after the division form a separate class.

172-5(2)    
If the rights of some of the members in a class of members are varied:

(a)    the variation is taken to vary the rights of every other member who was in the class existing before the variation; and

(b)    members who have the same rights after the variation form a separate class.