Corporations Regulations 2001
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.
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