Corporations Act 2001
Note: This Chapter is modified for CCIVs: see Division 2 of Part 8B.4 .
View history note
Hide history noteFor the purposes of applying this Part to an MCI mutual entity, a reference (other than in section 258B ) to a shareholder of the entity is taken to include a non-shareholder mutual member of the entity.
258G(2)
For the purposes of applying Division 1 to an MCI mutual entity:
(a) any reduction of the entity ' s share capital that relates to MCIs is taken to be a selective reduction; and
(b) the reference to all ordinary shareholders in paragraph 256C(2)(b) is taken to be a reference to all members of the entity.
258G(3)
For the purposes of applying Division 2 to an MCI mutual entity:
(a) any scheme to buy back MCIs is taken not to be an equal access scheme; and
(b) subsections 257B(4) and (5) (the 10/12 limit) have effect in relation to MCIs issued by a mutual entity as if each MCI were a voting share with one vote attached to it; and
(c) the reference to all ordinary shareholders in paragraph 257D(1)(b) is taken to be a reference to all members of the entity.
258G(4)
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.
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