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

5   At the end of Part 2F.2

Add:

246H Application of this Part to MCI mutual entities that are companies limited by guarantee

For the purposes of applying this Part to an MCI mutual entity that is a company limited by guarantee, treat the entity:

(a) in relation to a person who holds MCIs in the entity - as a company with a share capital; and

(b) in relation to a non-shareholder mutual member - as a company without a share capital.