167AG
In forceMCIs must be cancelled before MCI mutual entity demutualises
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
167AG MCIs must be cancelled before MCI mutual entity demutualises
A resolution of an MCI mutual entity that would result in the entity ceasing to be an MCI mutual entity can only take effect if:
(a)
there are no MCIs in the entity; or
(b)
the resolution provides for each MCI to be cancelled at or before the time the entity ceases to be an MCI mutual entity (whether or not the holders of the MCIs to be cancelled are to receive other securities in respect of those MCIs).
This Act’s bill:Explanatory memorandumSecond reading speech
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