Corporations Regulations 2001

CHAPTER 12 - FINANCIAL SECTOR REFORM  

PART 12.8 - SHARES IN CERTAIN BODIES CORPORATE  

Division 3 - Certain shares in transferring building societies and credit unions  

REGULATION 12.8.12   TRANSFERRING CREDIT UNIONS MAY ISSUE SHARES EQUIVALENT TO WITHDRAWABLE SHARES  

12.8.12(1)   [ Power to issue shares]  

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.

12.8.12(2)   [ Prohibition if constitution modified]  

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.

12.8.12(3)   [ Other shares issued]  

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).

12.8.12(4)   [ Limitation]  

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.