167AE
In forceMCI requirements—class rights
Volume 1Chapter 1, Part 1.1 to Chapter 2J, Part 2J.4 sections 1 to 260E
Chapter 2BBasic features of a company
Part 2B.8Mutual capital instruments (MCIs)
Division 2MCI mutual entities and MCIs
167AE MCI requirements—class rights
A share in a mutual entity meets the requirement in this section if the rights attached to the share can be varied or cancelled only by special resolution of the company and either:
(a)
by special resolution passed at a meeting of the class of members holding shares in the same class; or
(b)
with the written consent of members with at least 75% of the votes in the class.
This Act’s bill:Explanatory memorandumSecond reading speech
Research tools for this sectionSubscription
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.