Corporations Regulations 2001

CHAPTER 12 - FINANCIAL SECTOR REFORM  

PART 12.8 - SHARES IN CERTAIN BODIES CORPORATE  

Division 1 - Preliminary  

REGULATION 12.8.03   MEANING OF MEMBER SHARE  

12.8.03(1)    
A share in the body corporate to which subregulation (2) or (3) applies is a member share .

12.8.03(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.

12.8.03(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 .