Treasury Laws Amendment (Mutual Reforms) Act 2019 (37 of 2019)

Schedule 2   Mutual capital instruments (MCIs)

Part 1   Amendment of the Corporations Act 2001

Corporations Act 2001

8   At the end of Part 2J.3

Add:

260DA Application of this Part to MCI mutual entities

(1) For the purposes of applying this Part to an MCI mutual entity:

(a) a reference to a shareholder of the entity is taken to include a non-shareholder mutual member of the entity; and

(b) the reference to all ordinary shareholders in paragraph 260B(1)(b) is taken to be a reference to all members of the entity.

(2) To avoid doubt, this section does not have the effect of treating a non-shareholder mutual member's membership of an MCI mutual entity as a share.